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Practice Management > Building Your Business

Best Practices for RIAs

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A series of new performance management tools for independent investment advisors has been added to Charles Schwab’s Human Capital offering, the company announced yesterday, May 18.

Designed to maximize productivity and efficiency, the new resources include best practices and ready-to-use tools and templates encompassing five areas of human resources management: setting employee goals and objectives, performance management, career path development, staff motivation and leadership, and firm work environment. The expanded tools and content were developed in response to a 2007 Schwab report titled “Best-Managed Firms: Time Management and Organizational Effectiveness,” which found the cost of staff time to be typically the most significant expenditure for an advisory firm–averaging 70% of all expenditures.

“We have heard loud and clear that it is a critical time right now for advisors to realize efficiencies in every aspect of their business, and employee performance management can be a powerful contributor,” said Kelli Cruz, director of advisor business consulting for Schwab Advisor Services.

The new tools and materials are accessible through a variety of channels including personalized one-on-one consultations with Schwab business consultants, a series of events throughout the year as well as the set of resources available on Schwab’s Web site. The firm will also conduct multiple educational sessions regarding retention and performance management best practices at its 2009 advisor conferences and meetings.

“The resources we have added will help firms create clearer roles, responsibilities and objectives for their employees,” Cruz continued, “…ultimately helping firms to be in a good position to grow.”


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