{"product_id":"the-ensemble-practice-isbn-9781118209547","title":"The Ensemble Practice","description":"\u003cb\u003eA detailed road map for wealth managers who want to build an ensemble firm or team and achieve sustained growth, profitability and high valuations\u003c\/b\u003e  \u003cp\u003eWhy do ten percent of wealth management firms grow faster than the rest of the industry, often despite the turbulence of the markets? The answer, according to industry consultant and researcher, P. Palaveev, is that the most successful firms are those which, create and promote a team-based service model that serves as the foundation of their enterprise.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eFind out how and why a team-based service model can play a decisive role in the future growth and sustained success of your wealth management firm\u003c\/li\u003e \u003cli\u003eDiscover the key factors for building a successful ensemble firm and profit from the best practices top team-based firms employ\u003c\/li\u003e \u003cli\u003eProfit from the author's years of experience working with the world's top wealth management firms and the data he has compiled as a pre-eminent industry researcher\u003c\/li\u003e \u003cli\u003eLearn about the various organizational structures, partnership models and career path options and how to put them to work building an ensemble practice\u003c\/li\u003e \u003cli\u003eGet the lowdown on how the savviest traditional broker-dealer firms have formed dynamic ensemble teams within their organizations and learn of the results they've achieved\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eIntroduction xiii\u003c\/p\u003e \u003cp\u003eAcknowledgments xv\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART I: STRUCTURING AN ENSEMBLE\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 1 The Ensemble Defined 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Ensemble Concept 5\u003c\/p\u003e \u003cp\u003eEnsemble Demographics 7\u003c\/p\u003e \u003cp\u003eEnsembles Are More Profitable and Valuable 10\u003c\/p\u003e \u003cp\u003eClients Prefer Ensembles 12\u003c\/p\u003e \u003cp\u003eShould Everyone Be an Ensemble? 14\u003c\/p\u003e \u003cp\u003eWhat’s Next and Who Should Read on 16\u003c\/p\u003e \u003cp\u003eNotes 17\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 2 The Ensemble Structure 19\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Service Advisor Model—Leverage 21\u003c\/p\u003e \u003cp\u003eThe Emerging Partnerships—Sharing 24\u003c\/p\u003e \u003cp\u003eThe “True” Ensembles—Leverage and Sharing Combined 28\u003c\/p\u003e \u003cp\u003eThe Super-Ensemble Firms 34\u003c\/p\u003e \u003cp\u003eWhen Large Becomes Too Large 37\u003c\/p\u003e \u003cp\u003eNotes 37\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 3 Growing into an Ensemble 39\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Right Time to Hire 39\u003c\/p\u003e \u003cp\u003eWhom Can You Hire? 41\u003c\/p\u003e \u003cp\u003eStructuring Client Service 45\u003c\/p\u003e \u003cp\u003eService Advisors and Client Relationships 47\u003c\/p\u003e \u003cp\u003eThe Hiring Process 50\u003c\/p\u003e \u003cp\u003eThe Selling Question 53\u003c\/p\u003e \u003cp\u003eThe Equity Question 55\u003c\/p\u003e \u003cp\u003eMaking the Decision 57\u003c\/p\u003e \u003cp\u003eNotes 58\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 4 Merging Together 59\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eYour Shared Strategy 62\u003c\/p\u003e \u003cp\u003eYour Shared Values 63\u003c\/p\u003e \u003cp\u003eThe Data 65\u003c\/p\u003e \u003cp\u003eThe Business Plan 67\u003c\/p\u003e \u003cp\u003ePartner Roles and Compensation 68\u003c\/p\u003e \u003cp\u003eThe Deal 69\u003c\/p\u003e \u003cp\u003eMergers of Not So Equals 70\u003c\/p\u003e \u003cp\u003eThe Deals after the Deal 71\u003c\/p\u003e \u003cp\u003eOwner Rights 72\u003c\/p\u003e \u003cp\u003eMaking Decisions as Partners 73\u003c\/p\u003e \u003cp\u003eBuy-Sell Agreements, Retirements, and Breaking Up 75\u003c\/p\u003e \u003cp\u003eCommunicating the Deal to Clients and Employees 76\u003c\/p\u003e \u003cp\u003eNotes 78\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 5 From Silo to Ensemble 79\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCreating a Shared Bottom Line 80\u003c\/p\u003e \u003cp\u003eThe “Mine, Yours, and Ours” Model 83\u003c\/p\u003e \u003cp\u003eAssign Management Responsibilities 83\u003c\/p\u003e \u003cp\u003eShare Client Meetings 84\u003c\/p\u003e \u003cp\u003eThe Prenup 85\u003c\/p\u003e \u003cp\u003eChange Your Thinking 86\u003c\/p\u003e \u003cp\u003eNote 88\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 6 Partner Responsibilities and Partner Compensation 89\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLabor versus Equity 89\u003c\/p\u003e \u003cp\u003eUsing Profit Centers or Silos 92\u003c\/p\u003e \u003cp\u003eSetting Owner Base Compensation 94\u003c\/p\u003e \u003cp\u003eThe Role of Equity Ownership in Income 99\u003c\/p\u003e \u003cp\u003eDiscretionary Expenses and Perks 100\u003c\/p\u003e \u003cp\u003ePartner Compensation Discussion Worksheet 100\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART II: MANAGING AN ENSEMBLE\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 7 Creating Ensemble Culture 105\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eEstablishing Priorities and Values 106\u003c\/p\u003e \u003cp\u003eCustomers—Service as Culture 108\u003c\/p\u003e \u003cp\u003eHow We Deal with Each Other 110\u003c\/p\u003e \u003cp\u003eWho Owns the Client? 115\u003c\/p\u003e \u003cp\u003eMom and Dad 116\u003c\/p\u003e \u003cp\u003eTribes 117\u003c\/p\u003e \u003cp\u003eManage Yourself 118\u003c\/p\u003e \u003cp\u003eNotes 119\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 8 Making Partner 121\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhen Can You Add a Partner? 122\u003c\/p\u003e \u003cp\u003eWhom Do You Want as a Partner? 124\u003c\/p\u003e \u003cp\u003eHow Do They Buy-In? 128\u003c\/p\u003e \u003cp\u003eAlternatives to Full Partnership 131\u003c\/p\u003e \u003cp\u003eWhy Do You Promote Partners? 134\u003c\/p\u003e \u003cp\u003eNotes 135\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 9 The Big Idea 137\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFour Stages of Growth 137\u003c\/p\u003e \u003cp\u003eSteps to Institutionalizing 140\u003c\/p\u003e \u003cp\u003eNotes 144\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 10 Managing Professional Compensation 145\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCompensation Philosophy 146\u003c\/p\u003e \u003cp\u003eSetting Salaries 148\u003c\/p\u003e \u003cp\u003ePayout-Based Compensation 150\u003c\/p\u003e \u003cp\u003eIncentive Compensation 151\u003c\/p\u003e \u003cp\u003eBenefits 155\u003c\/p\u003e \u003cp\u003eCompensation Management Process 156\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 11 The Bottom Line 159\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Owners’ Personal Income and Income Bogey 160\u003c\/p\u003e \u003cp\u003eThe Income Statement 163\u003c\/p\u003e \u003cp\u003eManaging Engagement Economics 166\u003c\/p\u003e \u003cp\u003eUnit Economics 167\u003c\/p\u003e \u003cp\u003eManaging Staffing Cost and Productivity 174\u003c\/p\u003e \u003cp\u003eOverhead Management 176\u003c\/p\u003e \u003cp\u003eKey Ratios on Your Dashboard 177\u003c\/p\u003e \u003cp\u003eBudgeting and Financial Management Discipline 178\u003c\/p\u003e \u003cp\u003eNotes 180\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 12 The Devil in the Details 181\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAgreement on Service Process 181\u003c\/p\u003e \u003cp\u003eInvestment Committee 183\u003c\/p\u003e \u003cp\u003eLeadership in Operations 184\u003c\/p\u003e \u003cp\u003eCustomization and Efficiency 185\u003c\/p\u003e \u003cp\u003eTechnology Selection 186\u003c\/p\u003e \u003cp\u003eQuality Control and Risk Management 187\u003c\/p\u003e \u003cp\u003eVendor and Strategic Partner Choices 188\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePART III: WHAT HAPPENS NEXT\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 13 Recipes for Failure 193\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHow to Fight with Your Partner 194\u003c\/p\u003e \u003cp\u003eLosing Control of Your Own Firm 196\u003c\/p\u003e \u003cp\u003eAgree to Disagree—aka Avoiding Difficult Decisions 198\u003c\/p\u003e \u003cp\u003eThe Porch of Indecision 199\u003c\/p\u003e \u003cp\u003ePeople Who Don’t Develop 199\u003c\/p\u003e \u003cp\u003eProtecting Your Ensemble 200\u003c\/p\u003e \u003cp\u003eNote 201\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 14 Doing Deals 203\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eEquity Planning for Ensembles 204\u003c\/p\u003e \u003cp\u003eConsolidation Deals 207\u003c\/p\u003e \u003cp\u003eOther Acquirers 209\u003c\/p\u003e \u003cp\u003eFinding Your Deal 211\u003c\/p\u003e \u003cp\u003eNote 211\u003c\/p\u003e \u003cp\u003e\u003cb\u003eCHAPTER 15 The Future Belongs to Ensembles 213\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAbout the Author 217\u003c\/p\u003e \u003cp\u003eIndex 219\u003c\/p\u003e  \u003cp\u003e\u003cb\u003ePHILIP PALAVEEV\u003c\/b\u003e is a financial industry expert and consultant focused on improving the profitability and value of financial services firms. The owner and CEO of The Ensemble Practice LLC, a management consulting firm helping financial advisors build better businesses, Palaveev also works with broker-dealers and custodians to create impactful practice management services for their advisors. He has written numerous research papers and articles and is a frequent speaker at industry conferences.   \u003c\/p\u003e\u003cp\u003e\u003cb\u003eFor years, being a financial advisor meant\u003c\/b\u003e going it alone, but that model is rapidly becoming outdated. Forward-thinking advisors are now working together, developing “ensemble” firms that bring together a team of experts to provide clients with superior service. These firms are the way of the future, and in \u003ci\u003eThe Ensemble Practice: A Team-Based Approach to Building a Superior Wealth Management Firm\u003c\/i\u003e, industry expert Philip Palaveev explores how to build and sustain a profitable, successful practice. \u003c\/p\u003e\u003cp\u003eWhether you’re new to the financial advisory industry or are looking to take your business to the next level, this book is for you. Getting at the heart of what makes an ensemble work—the art of partnership—it provides a comprehensive, step-by-step look at constructing a financial advisory firm for the twenty-first century. Exploring key management issues and decisions on a chapter-by-chapter basis, Palaveev draws on illustrative case studies, statistical data, and examples from his own personal experiences as a consultant to present practical advice on how to build something bigger and better than anything any one person can create alone. \u003c\/p\u003e\u003cp\u003eCarefully explaining the ensemble structure, from mergers and partner responsibilities to managing a firm to optimize its performance, the book is designed to help you understand and respond to the challenges inherent in building a multi-person practice. In addition, the book also looks ahead to preparing an exit plan. \u003c\/p\u003e\u003cp\u003eBy bringing together a group of talented individuals working in concert towards a common goal, ensemble financial advisory firms have a natural advantage over the traditional one-man offices that have dominated the industry for generations. Packed with everything you need to know to construct a top team, \u003ci\u003eThe Ensemble Practice\u003c\/i\u003e teaches the importance of a sharing, trusting, and respectful culture of partnership—and how to use these values to build a firm that can weather any storm.   \u003c\/p\u003e\u003cp\u003e\u003csmall\u003ePRAISE FOR\u003c\/small\u003e THE ENSEMBLE PRACTICE \u003c\/p\u003e\u003cp\u003e“Philip Palaveev has done something remarkable. His step-by-step examination of how to build and manage a complex ensemble advisory practice completely removes the intimidation factor from one of the biggest challenges in the financial services space. This is ‘how-to’ writing at its most valuable.” \u003cbr\u003e\u003cb\u003e—BOB VERES, \u003c\/b\u003e Publisher, \u003ci\u003eInside Information\u003c\/i\u003e \u003c\/p\u003e\u003cp\u003e“With this effort, Philip Palaveev advances the thinking about how to transform ideas from a book of business into an enduring enterprise. He uses relevant anecdotes, insightful side-bars, and his vast personal experience to deliver a game plan for any leader of an advisory firm to create a successful ensemble business. Philip coined the phrase ‘ensemble practice’ for a multi-owner financial advisory firm, recognizing an emerging trend a number of years ago. Once again, Philip is helping to turn an idea into an application that anyone interested in the retail advice business should pay attention to.” \u003cbr\u003e\u003cb\u003e— MARK TIBERGIEN, \u003c\/b\u003e CEO, Pershing Advisor Solutions LLC, a BNY Mellon company \u003c\/p\u003e\u003cp\u003e“Philip’s experience and insights in this critical topic of building an ensemble wealth management firm are invaluable. This is a must-read book for anyone serious about building a lasting, profitable, and successful business!” \u003cbr\u003e\u003cb\u003e— GREGORY H. FRIEDMAN, \u003c\/b\u003e MS, CFP\u003csup\u003e®\u003c\/sup\u003e, President, Private Ocean Wealth Management; President, Junxure \u003c\/p\u003e\u003cp\u003e“Philip Palaveev is one of the most brilliant practice management minds in the industry, and this book is a great gift to those of us in the business. Philip is a talented writer, and he intertwines deep content with great humor, effective examples, and the occasional proverb from his grandma. \u003ci\u003eThe Ensemble Practice\u003c\/i\u003e is a compelling read. I found myself nodding along, laughing out loud, and taking lots of notes about ideas I would like to implement in my own business.” \u003cbr\u003e\u003cb\u003e—REBECCA POMERING, \u003c\/b\u003e CEO, Moss Adams Wealth Advisors LLC \u003c\/p\u003e\u003cp\u003e“This book holds the secret recipe I have long needed. Although I consider myself a skilled financial planner, I have never been as confident in my role as a manager of my growing ensemble. I felt like Philip’s book was written just for my practice—each chapter was so appropriate for one of my managerial dilemmas! I owe any future success to this book.” \u003cbr\u003e\u003cb\u003e—JENNIFER HATCH, \u003c\/b\u003e CFP\u003csup\u003e®\u003c\/sup\u003e, President, Christopher Street Financial\u003c\/p\u003e","brand":"Bloomberg Press","offers":[{"title":"Default Title","offer_id":47990218948837,"sku":"NP9781118209547","price":76.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781118209547.jpg?v=1761786953","url":"https:\/\/k12savings.com\/es\/products\/the-ensemble-practice-isbn-9781118209547","provider":"K12savings","version":"1.0","type":"link"}