Seattle-Based Moss Adams Authors Practice Management Guide For Fidelity Advisors

Fidelity Investments Institutional Brokerage Group (Fidelity) has introduced a comprehensive practice management guidebook written exclusively for independent investment advisors and registered representatives.

"Independent Thinking On Practice Management" was developed for Fidelity by Seattle-based Moss Adams LLP. It provides detailed analyses of the critical elements associated with managing the business side of an investment advisory practice, ranging from financial management to technology to client service. The guidebook is available to Fidelity clients at no cost through PracticeAdvantageSM, Fidelity’s on-line suite of business-building resources.

"Market volatility over the past few years has created an extremely challenging business environment for many registered investment advisors, especially when it comes to sustaining the profitability of their practices," said Jay Lanigan, executive vice president and head of Fidelity’s Registered Investment Advisor business. "The information and resources contained in this new guidebook may help our clients to more effectively and efficiently manage the business aspects of their firms and better position them for long-term growth -- no matter what the markets are doing."

"Independent Thinking On Practice Management" analyzes five key management considerations for an investment advisory firm, including:

  • Business Strategy -- Sound practice management results from a strategy that builds on a firm’s current capabilities, marketplace position, competitive differentiation, and the principal’s personal expectations.

  • Financial Management -- A strong understanding of the financial principles in the industry and the performance of the firm helps an independent practitioner understand the value of their practice and make necessary changes to increase it over time.
  • Human Capital -- A well-developed staffing model that supports the business strategy is critical to the long-term success of a firm.
  • Technology -- A comprehensive technology strategy helps the firm operate at optimal efficiency, supporting client relationships, staffing and competitive positioning.
  • Client Service -- A standardized delivery model allows for efficient and consistent service delivery, while ongoing evaluation and measurement help to maintain consistently high levels of service excellence.

"The typical independent advisor or broker has a broad array of responsibilities related to the investment advisory aspects of their business," said Mark Tibergien, principal, Moss Adams LLP. "At the same time, many advisors also must manage the tasks associated with being a business manager, such as developing a compensation structure and recruiting staff. These practice management considerations are substantial, and can be as important to the success of the firm as the more technical advisory work itself. This new guidebook examines these considerations and provides a process to help advisors strengthen their business strategies and achieve their long-term goals."

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