Cook, IncTEAM WORKBOOKDecisions and Notes for Modules 1 – 5

BSMART Business Simulation Management and Relationship Training

Vision, Mission & StrategyThe Foundation of a Business

MODULE ONE

Your Vision

Be recognized as financial planning and wealth management firm focused on clients with $2M and above with full planning needsProvide a comprehensive team based approach to clients engagement while maintaining an advisor to client relationship below industry averageMaintain independence of ownershipCreate a firm culture that rewards a team-based approach to the achievement of firm level goals and promotes personal and professional development

A vision statement describes what you want your firm to look like in the future, typically three to five years out, or longer, and is both an internal and an external message. If you keep it front and center, it can help you stay focused on your goals. It can also help inspire and motivate your staff, and instill confidence in clients that you know where you want to be in the future.As you craft a vision statement for your firm, ask:• What do we aspire to become in three to five years?• What does success look like for our firm over this period?• What does our end-state look like?

A vision statement describes the future state you are looking to create – your desired end-game for the firm in 2020.

Your Mission

To provide unbiased and objective guidance to the betterment of our clients in the pursuit of their financial goals

A mission statement describes why you are in business, and is primarily used internally. It plays an important role in helping you assess your activities and determining if they are in line with your core purpose. It can be used to “sanity check” what you may be considering doing – if activities stray from your core purpose, you may decide not to do them or to reevaluate your mission.As you craft a mission statement for your firm, ask:• What is our purpose for being here? Why do we do what we do?• What needs do clients have when they come to us?• What are the most significant strengths of our business?• Why do clients choose our firm over other firms? What are our

differentiators?

A mission statement describes why the organization exists – its core purpose.

SWOT Analysis

4

Strengths Weaknesses

• Profitable • Bench strength (BDO) execution in developing talents

• Loyal clients • Concentration on CIOs - Natalie

• Good reputation •

• Strong growth •

• Strong Planning •

• Segment of clients (lawyer, inv. banking) •

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SWOT Analysis

4

Opportunities Threats

• Leverage client segment • Natalie as hub

• Develop next generation • Lack of clarity on who does what (leader/management)

• Loyal client base • Lack of marketing strategy

• Services provided touch all aspects of financial life • Morale

• Path to partnership • Lack of transparency into comp & ownership

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Initiatives and Notes

Initiatives for Improvement PLEASE COMPLETE

Write down and agree on Strategy initiatives in your firm and elect a “champion” for each initiative.

Notes

Improvement Opportunity Who Will Complete

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2.

3.

4.

5.

GrowthBuilding the Firm

MODULE TWO

CHARACTERISTICS OF THE IDEAL CLIENT

CHARACTERISTICS OF THE NOT-SO-GREAT REFERRAL

Business YouWould LikeTo Win

Values planning process, not motivated by investment returns

Investment only

Wants full service & willing to give up control

”do it yourselfer”

Life stage goal planning orientation

Desires high-touch engagement

CHARACTERISTICS OF THE IDEAL COI

CHARACTERISTICS OFTHE NOT-SO-GREAT COI

COI RelationshipsYou Would Like To Have

Ideal Profile

Initiatives and Notes

Initiatives for Improvement

1. Target date – Dec 2014 with budget of $20K2. Target date – Oct 2014 with a budget of $5k3. Target date – Dec 2014 with a budget of $25k4. Target date – April 2015 with a budget of $30k5. Target date – April 2015 with a budget of $20k

Write down and agree on Growth initiatives in your firm and elect a “champion” for each initiative.

Notes

Improvement Opportunity Who Will Complete

1. Client Advisory Board Alex Munday

2. Comprehensive COI Strategy Natalie Cook and Dylan Sanders

3. Firm/Brand story Partners

4. Web, social media strategy John Bosley

5. Create regional presence/event strategy Natalie Cook

Staffing and CompensationAttracting, Retaining and Organizing Talent

MODULE THREE

Organizational Chart

Draw your firm’s organizational chart. Label the positions.

Compensation Philosophy

PLEASE COMPLETE

What is your compensation philosophy?

Initiatives and Notes

Initiatives for Improvement

6. Hiring, onboarding and training new associates

Leadership track and changes if Natalie steps downDevelop internal talent or look outside -> cost, non revenue producingHiring – source and train new talent

Write down and agree on Human Capital initiatives in your firm and elect a “champion” for each initiative.

Notes

Improvement Opportunity Who Will Complete

1. Evaluate ownership structure & partnership division Outside consultant (target Dec ‘14)

2. Build career tracking – training paths TBD (target Dec ‘14)

3. Restructure to build team approach to client coverage TBD (target Dec ‘14)

4. Develop branch strength (addition of junior advisors) Partners (target April ‘15)

5. Define roles & responsibilities and measurable success metrics TBD (target ASAP)

Handouts in the Appendix

• Advisor HR Solutions• Sample Compensation Profiles

Operations and Technology

MODULE FOUR

Role of Operations

Service and Deliverables

Component-level Role

• Financial planning

• Tax planning – refer out tax preparation

• Estate planning review – refer out document drafting

• Investment management - outsourced

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Financial Planning Investment Management

• Data/statement gathering. Deliver performance reporting •

• Cashiering & money movement •

• Prepare account opening documents •

• Run clients statements fee billing •

• Problem resolution •

List and Documents Services PLEASE COMPLETE

Process

Purpose

Budget

Resources Evaluate how well resource components are satisfied.

Available Scalable

Attainable Sustainable

Initiatives and Notes

Initiatives for Improvement PLEASE COMPLETE

Write down and agree on Operations initiatives in your firm and elect a “champion” for each initiative.

Notes

Improvement Opportunity Who Will Complete

1.

2.

3.

4.

5.

Handouts in the Appendix

• Six Tell-Tale Signs That Your Business Processes May Need Attention

Financial ManagementMaking the Numbers Work

MODULE FIVE

Initiatives and Notes

Initiatives for Improvement PLEASE COMPLETE

Write down and agree on Financial initiatives in your firm and elect a “champion” for each initiative.

Notes

Improvement Opportunity Who Will Complete

1.

2.

3.

4.

5.

Handouts in the Appendix

• Key Drivers of Firm Valuation