Оглавление
Palaveev Philip. G2: Building the Next Generation
Preface
Acknowledgments
CHAPTER 1. Who Are G2s?
Defining G2
Developing the Next Generation Is Critical
Just Hiring Them Is Not Enough (But Start There)
What G2 Professionals Need
G2s Need to Take Over Client Relationships
G2s Are the Future
CHAPTER 2. The Career Track
The Advisory Career Track
Non‐Client‐Facing Career Tracks
Progressing through the Career Track
Being Flat
Top Performers
Reaching the End of the Track
CHAPTER 3. Recruiting G2
Beginning with the End in Mind
Hiring Levels
Becoming the Employer of Choice
Advertising
Recruiting in Small Markets
Screening
Interviewing
Opportunistic Hiring
Experienced Hires
CHAPTER 4. Taking Over Client Relationships
What Is a Lead Advisor?
Qualities of a Trusted Advisor
Transitioning the Lead to G2
CHAPTER 5. How Advisory Firms Develop New Business
The Business Development Process
When and How Clients Act
Existing Clients as a Referral Source
Some Theories about Referrals
Other Referral Sources
Beyond Referrals
The Simple Mathematics of Reputation‐based Selling
Principles of Business Development
CHAPTER 6. Be a Business Developer
The Four Stages of Learning to Develop New Business
Solving a Puzzle
Finding Your Mentor
Learning to Ask Questions and Listen
Finding Your Specialty
Developing a Niche
Following a Disciplined Process
Be Persistent
CHAPTER 7. Managing People
Defining Management
Prioritizing Management and Communication
Accepting Responsibility
Providing Feedback
Dealing with Poorly Performing Team Members
Performance Evaluations
Being a Mentor
CHAPTER 8. Managing Up
Speaking Up
Getting Involved
Taking Responsibility for Your Team
Supporting Your Colleagues
Measuring Your Criticism
Managing Your Own Expectations
CHAPTER 9. Managing Yourself
Defining Balance of Life
Balancing Time
Dealing with Weaknesses
Thoughtful Communication
On the Value of Conflict
Looking at Your Own Plate
CHAPTER 10. Owner, Manager, and Leader
Defining Owner, Manager, and Leader
Management
Leadership
CHAPTER 11. Adding Owners: The Firm's Perspective
Criteria for Ownership/Partnership
Admission Process
Adding Family Members as Partners
Laying the Foundation for New Partners
Tackling Buy‐In Financing and Valuation
Onboarding Partners
CHAPTER 12. Buying Equity: The G2 Perspective
What Does It Mean to Be an Owner?
Key Questions to Ask
Should You Buy Equity?
The Characteristics of Equity
Understanding Your Ownership Agreement
Small Firms and Family Firms
Owner Compensation
What If the Ownership Agreement Isn't Right for You?
Understanding the Valuation and the Price
Organizing Your Personal Finances
Beyond the First Purchase
CHAPTER 13. The Ownership and Governance Foundation for G2
Career Investment
Stability and Governance
Elements of Governance
Governance as a Function of Size
Reviewing Your Governance Model
Achieving Results
CHAPTER 14. Succession
Different Aspects of Succession
Internal Succession of Ownership
Finding the Motivation
The Big Transaction
A Large Number of Small Transactions
Passive Ownership
The Intermittent Transaction
Equity‐based Compensation
Profits Interest Options
Nonvoting Shares
Synthetic Equity
Mergers Facilitating Succession
Creating a Lasting Firm
CHAPTER 15. Keeping Up with the Industry
Being a Student of the Industry
Developing Your Industry Connections
Benchmarking Your Client Services
Learning Best Practices
Participating in External Training
Contributing to the Industry
CHAPTER 16. Conclusion
From G2 to G3
A Note of Optimism
Bibliography
About the Author
WILEY END USER LICENSE AGREEMENT
Отрывок из книги
The Bloomberg Financial Series provides both core reference knowledge and actionable information for financial professionals. The books are written by experts familiar with the work flows, challenges, and demands of investment professionals who trade the markets, manage money, and analyze investments in their capacity of growing and protecting wealth, hedging risk, and generating revenue.
Since 1996, Bloomberg Press has published books for financial professionals on investing, economics, and policy affecting investors. Titles are written by leading practitioners and authorities, and have been translated into more than 20 languages.
.....
There is another profile that is quite available for hire, but firms don't seem willing to give it attention. These are the many young professionals with finance degrees, often even MBAs and CFP certifications, who are looking to begin their careers in the industry and struggling to find firms that will hire them at the entry level. The recognition of the financial advisory industry and the increase in the number of schools teaching personal financial advice is helping create a supply of inexperienced professionals. They can certainly fit the dream profile, but they need firms that will invest in 10 years of training and developing to help them grow into it.
The importance for firms to hire and grow professionals cannot be emphasized enough. This includes not only professionals they need now or next year, but also professionals they will need in the next 5 or 10 years. A mature professional needs 10 to 15 years of training and development. This means that firms that want to have highly productive G2 advisors who are ready to contribute next year should have hired those professionals 10 years ago. While this may seem like a very long‐term perspective, it is the only reliable way of creating an ample supply of future professionals.
.....
