THE TOOLS & TECHNIQUES OF PRACTICE MANAGEMENT
1st Edition
Outline
CHAPTER 1: Balancing Personal and Work Lives
A. Where Can I Find Out More?
1. How to Do It
CHAPTER 2: Selecting a Business Model
A. Regulatory Structure
B. Compensation Structures
C. Client Economics
D. Tax Type
E. Firm Size and Office Type
F. Putting It All Together
G. Your Business Model
1. Business Model 1: Independent BD Representatives
2. Business Model 2: Sole Practitioner
3. Business Model 3: Limited Liability Company
H. Where Can I Find Out More About It?
CHAPTER 3: Naming Your Practice
A. Practical Pointers
1. Domain Name Issues
2. Trademark Issues
CHAPTER 4: Locating Your Office
A. Home Office
B. Commercial Office Space
C. Office Space Rentals
D. The Client’s Office
E. Summary
CHAPTER 5: Setting A Compensation Structure
A. Fees and Commissions
1. The “Fee-Offset” Fee Structure
2. The “Fee-Based” Fee Structure
3. Assets-Under-Management (AUM) Fees
4. Retainer Fees
5. Hourly Fees
B. Choosing a Compensation Structure
C. Where Can I Find Out More About It?
CHAPTER 6: Personal Time Management
A. Time Management Fundamentals
1. #1: Keeping a Diary
2. #2: Analyzing How You Spend Your Time
B. Time Wasters
1. #1: Going to the “File Cabinet”
2. #2: Using the Wrong Client Contact Management System
3. #3: Keeping More Than One “To-Do” List
4. #4: Failing to Edit Your Emails
5. #5: Preparing and Sending Out Marketing Materials (or Having Your Staff Do It)
6. #6: Failing to Delegate Outside the Confines of Your Office
C. Where Can I Find Out More About It?
CHAPTER 7: Marketing
A. Direct Mail and Seminars
B. Third Party Endorsements
1. Referrals from Existing Clients
2. Referrals from Other Professionals
3. Referrals Resulting from Media Contacts
a. Dos and Don’ts of Working with the Media
4. Internet
C. Where Can I Find Out More About It?
CHAPTER 8: Developing a Target Market
A. Criteria for Developing a Target Market
B. Sizing Up Prospective Clients
C. Planner Profiles
D. How to Target Clients and Professionals
E. Where Can I Find Out More About It?
CHAPTER 9: Qualifying A Prospective Client/Conducting A Client-Making Meeting
A. Qualifying the Prospective Client
B. Conducting A Client-Marking Meeting
CHAPTER 10: Client Service
A. Infrastructure
1. Personnel
2. Systems
3. Website
B. Cultivating the Right Attitude
CHAPTER 11: Problem Clients
A. The “I’m-Too-Busy-Which-Is-Why-I’m-Paying-You-To-Handle-It” Client
B. The Obsessed-With-Investment-Performance Client
C. The Counter-Value Client
D. The Two-Minded Client
E. The Sometimes-Competent Client
F. The Numbers Geek
G. Handholding Clients
H. The Disappearing Client
I. Handling the Problem Client
CHAPTER 12: Dealing With the Client’s Other Professionals
A. Criteria for Selecting Professionals
B. Methods of Finding Professionals
C. Potential Problems
CHAPTER 13: Surveying Clients
A. Planner Profiles
1. Harnessing Survey Technology
CHAPTER 14: Ethics
A. Defining Ethical Behavior
B. Conflicts of Interest
C. Where Can I Find Out More About It?
CHAPTER 15: Communicating to Manage Client Expectations
A. Modes of Effective Communication
B. Using Market Fluctuations to Manage Expectations
C. Giving Advance Notice Before Change Is Key
D. Managing Investment Return Expectations
CHAPTER 16: Hiring Employees or Outsource Partners
A. Virtual Work Partners vs. Employees
B. What to Look for When Hiring
C. Where Can I Find Out More?
CHAPTER 17: Taking on a Partner
A. Case Study: The Formation Process of a Partnership
B. Where Can I Find Out More About It?
CHAPTER 18: Compliance
A. Compliance Manual
1. Client Communications
B. Proxy Voting, Best Execution, Asset Custody
1. Best Execution
2. Proxy Voting
3. Asset Custody
C. Where Can I Find Out More About It?
CHAPTER 19: Managing Growth
A. Where Can I Find Out More About It?
B.
CHAPTER 20: Coaching: Getting It and Giving It
A. Where Can I Find Out More About It?
B.
CHAPTER 21: Selling Your Practice
A. Where Can I Find Out More About It?
B.
CHAPTER 22: Buying a Practice
A. Things to Do When Buying a Practice
1. Have the Right Credentials and Experience
2. Achieve Proficiency with Technology
3. Arrange Financing in Advance
4. Pursue a Practice That Resembles Your Own in Key Ways
5. Provide Similar Client Services
6. Ask the Seller for the Right Information
7. Do Your Homework
8. Carefully Construct Your Buyer’s Listing
9. Demonstrate the Capacity to Serve More Clients
B. Making the Transition
CHAPTER 23: Errors & Omissions (E&O) Insurance
A. Where to Get Technical Information on E&O Insurance
B.
CHAPTER 24: “What’s the Next Step? Do I Go Out on My Own, or Look for a Job?”
A. Where Can I Find Out More About It?
CHAPTER 25: Creating a Plan/Finding Clients
A. Finding Clients, Etc.
1. The Web
2. Helping People Find You on the Web
3. Being Quoted in the Local Press
4. Online Referral Sources
5. Other Organizations
a. The Garrett Planning Network, Inc.
b. Cambridge Alliance of Advisors, Inc.
c. My Financial Advice
6. Drip Marketing
CHAPTER 26: Communication Tools: Email
A. Email Software
1. Microsoft Outlook 2003
B. Email Enhancers
1. Nelson Email Organizer Pro Version 3.0 (NEO Pro 3.0)
2. Keeping Contact Information Current
3. PocketKnife
4. Attachment Forget Me Not
5. Anagram
6. Personal Folder Backup
7. Email Saver Xe
C. Other Email Programs
1. Microsoft Outlook Express
2. Eudora
3. Bloomba
4. Web Based Email
D. Dealing With Junk Mail
CHAPTER 27: Communication Tools: Websites
A. Online Meetings
B. Some Providers Serving Our Industry
1. AdvisorSites
2. AdvisorSquare
3. Emerald Publications
4. Financial Visions, Inc.
C. Newsletters
D. Listserv
CHAPTER 28: Security
A. The Threats
1. Unauthorized Access
a. Password Protection
b. Theft
2. Malicious Code
3. Preventing Malicious Code Attacks
a. Firewalls
b. Antivirus Programs
c. Spyware and Related Threats
d. Updating Your Microsoft Programs
4. Backups
a. Other Backup Solutions for Small Offices
b. Other Solutions for Larger Offices
c. Archiving
d. Mirra Personal Server
e. Smaller Backups
5. Computing in Public Places
6. Improper Disposal of PC’s
B. Business Continuity Planning
CHAPTER 29: Office Hardware
A. Computers
B. Networking
C. Printers
D. Fax Machines
E. Copy Machines
F. Telephone Services
1. Freedom Voice Systems
2. EasyTel
3. VolP
G. Shredders
H. A Word About Furniture
CHAPTER 30: General Office Software
A. Software Suites
1. Microsoft Office and You
2. OneNote – An Additional MS Office Application
3. Quicken
4. QuickBooks
5. askSAM – A Free Form Database
6. FileMaker Pro
7. Voice Recognition Software
A. MS Outlook 2003
B. Microsoft Outlook with Business Contact Manager
C. Sharing Your MS Outlook Calendar
D. ACT! Version 6.0 – An Overview
E. The Middle Ground = Add-Ons
1. Act4Advisors
2. Act4Advisors Bundle
F. Cyberbroker
1. Installation
2. Templates
3. Training and Consulting Services
G. Brokers*Act
1. Installation
2. Some Typical Screen Layouts
3. Client Road Map
4. Templates
5. Other Features
6. Summing Up Add-On Products
H. Goldmine
I. Junxure-I 3.0
1. A More Powerful Product
2. Automation
J. Protracker
K. Time Matters 5.0
1. Overview
2. Engagements
3. Time Management and Scheduling
4. Timer
5. Personal Journal
6. Triggers
7. Chain Templates
8. Custom Forms Templates
9. Document Management
10. Scanning
11. Formattable Clipboard
12. Phone Calls
13. Email and Fax and Instant Messaging
14. Printing to PDF or RTF
15. Synchronization
16. Security
17. What’s Hot?
18. What’s Not
19. Bottom Line
CHAPTER 32: Understanding the Need for Document Imaging and Management
A. Tools of the Trade
CHAPTER 33: Document Imaging and Document Management: Selecting the Right Scanner
A. Scanner Basics
B. Centralization vs. Decentralization
C. The Role of a Flatbed Scanner
D. Drivers
E. Recommendations
1. Fujitsu ScanSnapTM Scanner
2. Fujitsu fi-4120C Scanner
3. Canon DR-2080C
4. Fujitsu fi-4220C Scanner
5. Panasonic KV-S2026C
6. Xerox DocuMate 252 Scanner
7. Fujitsu fi-4530C
8. Other Choices
9. Conclusion
CHAPTER 34: Document Imaging and Management Software
A. Introduction
1. About OCR
2. File Formats
B. Basic Products
1. Using Adobe Acrobat
2. Using Microsoft Office
3. Bundled Scanning Software
4. Filing, Indexing, and Searching Using the Operating System
5. CRM Products: ACT!, Goldmine, Junxure-I
6. PaperPort
a. Drivers and File Formats
C. Intermediate Products
1. DocuXplorer Professional
a. Application Design
b. Drivers and File Formats
c. Indexing
d. User Definable Index Sets
e. Automatic-Indexing with Multiple Index Field Controls
f. Extended Database Features
g. Security
h. Adding Documents
i. Retrieving
j. OCR
k. Document Viewing
l. Annotation
m. Archiving
n. Versioning and Check-in/Check-out
o. Global Access to Your Documents
p. Workflow
q. Interface Modes
2. CEO Executive
a. Drivers and File Formats
b. Indexing
c. Retrieving
d. OCR Capabilities
e. Annotation
f. Security
g. Archiving
h. Another Feature of Note
D. More Robust Systems
1. Cabinet NG
a. Drivers and File Formats
b. Indexing
c. Retrieving
d. OCR Capabilities
e. Annotation
f. Security
g. Archiving
h. Other
2. Other Enterprise Solutions
CHAPTER 35: Client Survey Software
A. Finding Out What Your Clients Really Think
B. SurveyMonkey
C. PollMonkey
D. Advisor Products Survey Kit
CHAPTER 36: Financial Planning Software
A. A Brief History of Financial Planning Software
B. Spreadsheets
C. Evaluating Commercial Financial Planning Software
D. Differentiators
E. Comprehensive vs. Modular
1. Comprehensive Financial Planning Software
2. Modular Financial Planning Software
F. Cash Flow vs. Goal Driven Software
1. Cash Flow Driven Software
2. Goal Based Financial Planning Software
G. Desktop vs. Application Service Provider (ASP)
1. Desktop Software
a. Advantages
b. Disadvantages
2. Application Service Providers (ASP)
a. Advantages
b. Disadvantages
H. Beginning Your Software Search
I. Specific Capabilities You May Require
J. Making the Comparison
K. Survivors
CHAPTER 37: Portfolio Construction and Management Tools
A. Portfolio Construction
1. Principia®
2. Morningstar®
3. M-V Optimizer
4. Ibbotson
5. SunGard
6. Skill Weighted Portfolio
B. Portfolio Management and Reporting
C. Desktop Software Products
1. Centerpiece (Portfolio Center)
2. PowerBroker
3. CapTools
4. Advent
D. Application Service Providers (ASPs)
1. Investigo
2. StatementOne
3. Fidelity/IDS
4. Morningstar® Workstation Office Edition Portfolio Management
E. Outsourcing
F. Choosing a Custodian
CHAPTER 38: Data Sources, Presentation Software, and Professional News
A. Data Sources
1. Morningstar
a. Products
2. Advisor Intelligence
3. Value Line
4. Bloomberg
5. Ibbotson
6. BigCharts
B. Presentation Software
1. Ibbotson Associates
2. Kettley
3. Forefield
4. Emerald
5. Newkirk
C. Professional News
1. Bloomberg Wealth Manager
2. Financial Advisor
3. Financial Planning Magazine
4. Investment Advisor
D. Other Useful Stuff
1. Horsemouth
2. Inside Information
3. Virtual Office News
4. Leimberg Information Services, Inc.
5. Tax Facts Online
CHAPTER 39: Collaboration Tools
A. Virtual Offices
1. Groove Network
2. Blue Tie, Inc.
3. Intranets.com
4. 4Team Online
B. Virtual Meeting Tools
1. WebEx
2. Microsoft Live Office
3. AdvisorSites Web Conferencing
4. GoToMyPC
5. GoToMeeting
C. Financial Planning Software
1. MoneyGuidePro
2. NaviPlan Offline/Online
D. Online File Accessibility for Clients
1. One Example: Mirra