Every year, the succession consultant Philip Palaveev says he gets calls from firm founders who have been diagnosed with cancer. Often it’s too late to do anything about the complex and time-consuming process of succession, Palaveev says. Many experts advise a 10-year runway to plan for internal succession. Read More
“Benchmarks are like a dashboard in a car,” says Philip Palaveev, CEO of The Ensemble Practice, a support and service organization for financial advisory firms based in Seattle, Wash. “Benchmarks showing what other firms are experiencing can tell you if you are growing too fast or too slowly and if things are working properly. Read [ … read more ]
Read full article HERE.
eMoney form inspires Fidelity function in NYC that serves up a familiar menu with fine garnish. Read full article here
Read the entire Investment News article here.
Winners were chosen by an esteemed panel of industry professionals: Karen Barr, Investment Adviser Association; Joel Bruckenstein, Technology Tools for Today; Mindy Diamond, Diamond Consultants; Beverly Flaxington, The Collaborative; Brian Hamburger, MarketCounsel; and Philip Palaveev, The Ensemble Practice. Click here to read full article
“A small but growing minority group of advisers are developing incentive compensation based on performance, usually based on performance of the firm and performance of the employee,” said Philip Palaveev, chief executive of The Ensemble Practice. “For that to work well, the firm needs to have a mechanism for evaluating the performance of the employee.” [ … read more ]
Benchmarking is an important part of planning for the success of your business. Currently, we use expected financial results as a tool to exercise good managerial sense and assess risk. However, advisory firms struggle to make accurate statements about the future of their businesses. Read More
Medical interns get cadavers to practice their scalpel skills on. Law students have moot court to hone their oratorical skills. But there are no such dress rehearsals for aspiring financial advisors. Philip Palaveev has teamed up with Fidelity in order to remedy that situation. Fusing fantasy baseball and reality TV, Palaveev is creating a program [ … read more ]
Employee advisers now outnumber firm owners at independent advisory firms — but warning signs persist The following is an excerpt from the Executive Summary of the 2015 InvestmentNews Compensation & Staffing Study, which will publish next Monday.
“It’s very important to spend time and money to train [personnel], and not just to buy the package and let it be,” said Philip Palaveev, chief executive of the Ensemble Practice, a business consulting firm for financial advisers. “Technology is a tool — it’s not a magic wand.” Read the entire article here
Read Bob Veres’ April 27, 2015 article in Financial Planning here
Advisory firms that outline clear objectives with measurable gains regarding staff performance and productivity tend to grow faster. Read more
SEATTLE, March 23, 2015 – The Ensemble Practice (Ensemble), the premier business consulting firm for the financial services industry, announced today that Brandon Odell has been promoted to Partner. Prior to the announcement, Brandon Odell served the firm as Director of Business Consulting. Odell has been responsible for the firm’s marquee benchmarking and compensation reports [ … read more ]
Consider your neighborhood. Some houses are rented, some houses and lots will be bought by builders and a few condos will go up. Some houses have fallen into disrepair. What you hope for, though, is that the majority of houses in your neighborhood will be occupied by the owners. Homeowners are the ones who make [ … read more ]
While outright acquisitions and deals get all the media attention, mergers are quietly transforming the industry. At the time you read this, thousands of advisors are negotiating the combination of their practices with others in order to create scale, leverage each other’s skills, gain resources, and tackle succession. Perhaps the fastest and best way to [ … read more ]
There are approximately 250 advisory firms with more than $1 billion in assets under management (AUM) in the financial advisory industry. No more than 30 of those have more than $5 billion in AUM. If you were to ask any such “super ensemble” (a billion-dollar AUM firm) what its vision is, the likely answer is [ … read more ]
Advisers boost assets by 21%, helped by new clients, market gains. Read more
Read article here. (CEO Job Description)
Read an excerpt from the 2014 InvestmentNews Financial Performance Study of Advisory Firms.
The CEO – More than a Benevolent Dictator
The survey is now closed. Thank you to everyone who participated. The 2014 study results will be published and available later this summer. This year’s study, part of InvestmentNews’ Excellence in Practice Management research series, specifically focuses on the drivers of financial performance and is the industry’s premier benchmarking tool for measuring the overall success and financial [ … read more ]
Managing growth is important for all firms. By tracking growth, advisers can clearly see the impact of marketing and adviser productivity (continue reading at InvestmentNews)
March 21, 2014 | Huffington Post | Philip Palaveev and Tricia Turton Conflict surrounds us in our business lives, but we tend to avoid it and hope it goes away instead of exploring it and perhaps using its creative potential. That’s right, conflict can be creative and constructive. Read full article: http://www.huffingtonpost.com/philip-palaveev/sharing-punches_b_5006394.html
Diane Britton | WealthManagement.com As payouts in the IBD space have steadily risen toward 90 percent, this has challenged many firms—particularly small ones—that struggle with increasing costs. Read More…
Diana Britton | WealthManagement.com Firms are riding the tide of rising equity markets, more fee-based business and high-profile deals; so why do margins remain so thin? Read More…
Advisers looking to grow their businesses should carefully plot the expansion of their practice. They should expect to suffer a little, too. (continue reading at InvestmentNews)
I have this naïve, idealistic notion that an advisory firm should have a highly engaged owner group with each owner (“partner”) participating in the management of the firm and acting as a leader within their area of practice. (Continue reading at Financial Advisor)
An economist’s assets can be an accountant’s liability and vice versa. Take the odd nature of bank accounting, which has always intrigued me. Well, just a little bit. In banking, an institution’s loans are its assets while deposits are its liabilities. (Continue reading at Financial Advisor)
There is a clear link between success of your people and the amount of investment you make in training and professional development. (Continue reading at InvestmentNews — requires free registration)
Benchmarking Surveys are long. They ask a lot of questions. They make you gather all kinds of data about your firm. The questions are often unclear or just confusing. They feel like you are filing a second federal tax return. (Continue reading at InvestmentNews — requires free registration)
Is the financial advice industry looking at TurboTax … or Expedia? That’s the question many in the sector are asking about the future of online financial advice companies after the demise of Bloomberg LP’s planned direct-to-consumer RIA offering, BloombergBlack. (Continue reading at Financial Planning — requires free registration)
Benchmarking Surveys are long. They ask a lot of questions. They make you gather all kinds of data about your firm. The questions are often unclear or just confusing. They feel like you are filing a second federal tax return. (Continue reading at InvestmentNews)
Building an advisory business is much like running a marathon – it is a long and patient pursuit that requires dedication and is much easier to accomplish when you are surrounded by others committed to the same goal. (Continue reading at Junxure)
Ric Edelman has never been short on big plans, and right now he has two whoppers in the works that address the top and bottom ranges of investor dollars. (Continue reading at RIABiz)
For a big wealth management firm to grow big and solid, it needs to have a good CEO who makes big, difficult decisions that are often unpopular but need to made anyway. (Continue reading at RIABiz)
Advisors are happy to hand over the blueprint to wirehouses because they’re certain the firms are too fainthearted to execute it. (Continue reading at RIABiz)
Tussels over scale, branding and professional service played out vividly in Vegas. (continue reading at RIABiz)
In a wide ranging interview with AdvisorOne on Thursday in advance of his presentation at MarketCounsel’s Member Summit 2012, Philip Palaveev, the Moss Adams and most recently Fusion Advisor Network alum, expanded on his announcement last week that he will start a consulting firm for “ensemble” practices. He also offered his insight on developing trends within the RIA industry.
The way Philip Palaveev puts it is that he gained his academic grounding in the advisory business doing research for Moss Adams LP and learned about humans from his recent stint as the staff consultant to the advisors in the Fusion Advisor Network. (Continue reading RIABiz)
Philip Palaveev, former president of the Fusion Advisor Network, has launched his own consulting firm focused on helping advisors build team-based practices. (Continue reading at Wealth Management)
Philip Palaveev, the former Fusion Advisor Network CEO and Moss Adams consultant, announced Thursday the launch of a new consulting firm—The Ensemble Practice—that will focus on long-term engagements with advisory firms that have from $1 million to $5 milion in annual revenue that have already “experienced success in attracting clients” but are looking to become [ … read more ]
In the overview of the findings of the 2012 Top Wealth Managers survey, part one of our analysis of the survey, we argued that the wealth management industry is rapidly changing. In part two of our analysis, we addressed profitability and productivity. In this article, we focus on an interesting finding from the survey—the point at which [ … read more ]
In the overview of the findings of the 2012 Top Wealth Managers survey, part one of our analysis of the survey, we argued that the wealth management industry is rapidly changing and has entered into the mature stages of its evolution. In this article, we focus on findings from the survey that shed light on the [ … read more ]
The wealth management industry is rapidly changing and has entered into the mature stages of its evolution. The average wealth management firm is not only much larger, but is also a more prominent competitor with a well-established brand, presence and reach into the very top levels of the high-net-worth market. (Continue reading at Advisor One )
The job market is an ugly place right now but there’s a segment of the financial industry in desperate need of young talent. (Continue reading at Forbes)
Financial advisers pursuing the business of wealthy families are increasingly being greeted by a formal questionnaire. About a decade ago, wealth management firms typically only received “requests for proposals,” or RFPs, from large institutions, such as endowments, and the occasional super-wealthy family with $50 million or more.