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April 24, 2007 at 08:00 PM
It turns out that the best advisory firms are also most effective at leveraging their employees’ time, especially that of their principals. That’s one of the main findings in a new Schwab Institutional white paper, Best-Managed Firms: It’s About Time, that the custodian developed with Moss Adams LLP based on interviews with the principals of the 45 best-managed firms surveyed in the 2006 Moss Adams Financial Performance Study of Advisory Firms.
As compared to other firms, the latest in a series of Schwab Market Knowledge Tool (MKT) reports found that owners of the best-managed firms tend to: spend more time on client service and business development, and less on operations and portfolio management; hire more support and managerial staff per professional; standardize service delivery; and automate or outsource routine tasks.
