Economic profit is actually the number which indicates the profit made by the firm after carrying out various business transactions. Accordingly, for most financial advisors looking to craft a business plan, I’m an advocate of crafting a form of one-page business plan” that captures the essential elements of the business, and provides direction about where to focus, especially focus the time of the advisor-owner in particular. Similar to a financial plan, a one page plan helps you make better strategic decisions. For larger firms I have the team members carry their one page plan to every meeting, it keeps everyone on the same page”.
In other words, the purpose for a financial advisor business plan is simply to give clear marching orders towards a clear objective, with clear metrics about what is trying to be achieved along the way, so you know where to focus your own time and energy! I write about financial planning strategies and practice management ideas, and have created several businesses to help people implement them.
As an expert in turning boys into men, Raymond James Financial Planning turned to me to train its new crop of financial advisers to handle the rigors of this cold, cruel reality. Between locking them in closets and forcing them to make endless wind sprints at all hours of the day for offering poor financial advice, I helped them realize that any pussy could do their job. Some are salary plus commission, but usually heavily dependent on commissions by nature.
Leadership is an important principle for me. I helped Raymond James Financial Planning advisers understand that they are mere cogs in a vast, corrupt machine beyond anyone’s control, and that every one of them is replaceable at a moment’s notice. This puts all the other advisers in perpetual fear of offering you, the valued customer, less than immaculate financial guidance. So there you have it. At Raymond James Financial Planning, we put profits before people every day.
As a coach, I often install cameras in the locker room to ensure that players are adequately trusting me. Similarly, at Raymond James Financial Planning, all of the correspondence amongst our advisers is monitored to find out if they are, to coin a phrase, Schiano Men. And if someone else’s portfolio does better than yours at the end of the fiscal year, don’t just congratulate them like some dickhead – obsessively devote your energy to bankrupting every corporate entity or financial instrument in which that person has a stake.