In one of the first breakout sessions of FPA Retreat 2011held earlier this week, well-known financial planning consultant Angie Herbers explored how to maximize investments in a firm of any size. Although she presented seven low-risk and high-return investments owners should implement (details below), she repeatedly made the point that your employees are key assets—from helping you build, spread the message of, and maximize your brand, to helping you discern where spending on the business will pay the biggest dividends.
She pointed out that firms that get the message right don’t necessarily do so by hiring the very best employees. In fact, surveys show that in firms that are most successful, employee ratings after three months are consistently lower than in firms that are less successful. But successful firms make the most of their employees, where less successful firms—even those with arguably more talented employees—show lower long-term employee evaluations, because a lack of clarity about core values or a lack of an investment in the culture or in employee growth ultimately makes talented people less effective.
7 Investments Firm Owners Should Implement:
- Know and be able to clearly communicate the goal
- Invest in the culture
- Build a brand: deliver confidence
- Learn corporate financial management
- Manage on growth, not profits
- Segment your services: give clients a choice
- Grow with people
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Director of Learning and Development
Financial Planning Association