G2: Building the Next Generation
Bloomberg Financial 1. Aufl.
Vital guidance to ensuring the future of your firm G2: Building the Next Generation provides financial advisory firms with a clear roadmap to management succession. Based on the author's 17 years of experience with over 1,000 firms, this book provides a systematic process to help you identify, develop, and install the new leadership that will guide your firm's future. Extensive statistical research backs proven strategies for structuring management and succession, overcoming obstacles, selling equity, and more, while expert guidance walks you through the process and warn you of potential pitfalls along the way. A generation of entrepreneurs used their talent and ambition to build an industry; to ensure that their success lives on, those leaders now face the formidable challenge of succession. With the future of your firm at stake, how do you recruit, train, mentor, and develop the next generation of professionals, owners, and leaders? This book shows you how to find the people you need, and develop them into the leadership your firm deserves. Identify and develop future leaders from the pool of existing and upcoming talent Structure management and management succession to ensure successful transition Begin selling equity to your firm's next generation of leaders Learn smart strategies for dealing with setbacks along the way The next generation of leaders will shape the future of your firm, but collectively, they will define the future of the entire advisory industry. Firms who succeed in developing their best talent will continue to thrive—those who fail will be left with a great car, but no driver. Getting this right may be one of the most critical points of your career, and it isn't something that should be left to chance or "gut feeling". G2: Building the Next Generation gives you a solid, grounded, systematic approach for ensuring your firm's long-lived success.
Preface Acknowledgments Chapter 1 Who Are G2? Defining G2 Developing the Next Generation Is Critical Just Hiring Them Is Not Enough (But Start There) What G2 Professionals Need G2 Needs to Take Over Client Relationships G2 Are the Future Chapter 2 The Career Track The Advisory Career Track Non-Client-Facing Career Tracks Progressing through the Career Track Being Flat Top Performers Reaching the End of the Track Chapter 3 Recruiting G2 Beginning with the End in Mind Hiring Levels Becoming the Employer of Choice Advertising Recruiting in Small Markets Screening Interviewing Opportunistic Hiring Experienced Hires Chapter 4 Taking Over Client Relationships What Is a Lead Advisor? Qualities of a Trusted Advisor Transitioning the Lead to G2 Chapter 5 How Advisory Firms Develop New Business The Business Development Process When and How Clients Act Existing Clients as a Referral Source Some Theories about Referrals Other Referral Sources Beyond Referrals The Simple Mathematics of Reputation-Based Selling Principles of Business Development Chapter 6 Be a Business Developer The Four Stages of Learning to Develop New Business Solving a Puzzle Finding Your Mentor Learning to Ask Questions and Listen Finding Your Specialty Developing a Niche Following a Disciplined Process Be Persistent Chapter 7 Managing People Defining Management Prioritizing Management and Communication Accepting Responsibility Providing Feedback Dealing with Poorly Performing Team Members Performance Evaluations Being a Mentor Chapter 8 Managing Up Speaking Up Getting Involved Taking Responsibility for Your Team Supporting Your Colleagues Measuring Your Criticism Managing Your Own Expectations Chapter 9 Managing Yourself Defining Balance of Life Balancing Time Dealing with Weaknesses Thoughtful Communication On the Value of Conflict Looking at Your Own Plate Chapter 10 Owner, Manager, and Leader Defining Owner, Manager, and Leader Management Leadership Chapter 11 Adding Owners: The Firm Perspective Criteria for Ownership/Partnership Admission Process Adding Family Members as Partners Laying the Foundation for New Partners Tackling Buy-In Financing and Valuation Onboarding Partners Chapter 12 Buying Equity: The G2 Perspective What Does It Mean to Be an Owner? Key Questions to Ask Should You Buy Equity? The Characteristics of Equity Understanding Your Ownership Agreement Small Firms and Family Firms Owner Compensation What If the Ownership Agreement Isn’t Right for You Understanding the Valuation and the Price Organizing Your Personal Finances Beyond the First Purchase Chapter 13 The Ownership and Governance Foundation for G2 Career Investment Stability and Governance Elements of Governance Governance as a Function of Size Reviewing Your Governance Model Achieving Results Chapter 14 Succession Different Aspects of Succession Internal Succession of Ownership Finding the Motivation The Big Transaction A Large Number of Small Transactions Passive Ownership The Intermittent Transaction Equity-Based Compensation Profits Interest Options Nonvoting Shares Synthetic Equity Mergers Facilitating Succession Creating a Permanent Firm Chapter 15 Keeping Up with the Industry Being a Student of the Industry Developing Your Industry Connections Benchmarking Your Client Services Learning Best Practices Participating in External Training Contributing to the Industry Chapter 16 Conclusion From G2 to G3 A Note of Optimism Bibliography About the Author Index
PHILIP PALAVEEV is the founder and CEO of The Ensemble Practice, LLC, and a recognized expert on the management of financial advisory firms and teams. Palaveev also is a business owner who speaks from the perspective of having built and managed successful businesses. He is the author of The Ensemble Practice.
The future of the financial services industry is in the hands of a talented and ambitious group of young professionals—G2, the next generation. Whether you pick up this book as a founder of an advisory firm or a professional looking to further your career, you have probably recognized that your future success relies on the ability of your firm to develop the leadership and management skills of its best people. G2: Building the Next Generation is a comprehensive guide on how to accelerate the careers of future leaders of advisory firms and teams. Philip Palaveev uses his personal experience and his work with hundreds of CEOs and G2 leaders to propose a method for improving the ability of professionals to lead client relationships, manage their teams and establish themselves as highly productive owners in their firms. The next generation is already here and it is already reshaping the industry. This book, meant for both founders and G2 professionals, will guide you in the transformation of your firm and your career. This insightful and practical resource will guide firms and professionals on how to: Establish next generation (G2) professionals as lead advisors who are trusted and relied upon by the client Improve the business development skills of all advisors Train G2s to be managers of their teams and lead vital functions of the firm Transform G2 into better owners and true "partners" in the firm G2: Building the Next Generation is your guide for the continued and sustained success of your firm.
PRAISE FOR G2: BUILDING THE NEXT GENERATION "In his book, G2: Building the Next Generation, Philip Palaveev has done an excellent job addressing a critical element of a wealth management firm's success beyond its founders. As our industry runs into a succession crisis, it's necessary to hire, nurture, and retain experienced talent to serve our clients' future generations. As our firm has experienced, an RIA needs to plan well in advance and take into consideration all the components outlined in this book. And to be a successful next-gen professional, or G2 as Palaveev calls them, there are important things to think about as one develops his or her career. Palaveev covers the spectrum — from recruiting to managing to growing the business. He offers critical insight into the technical aspects of equity structure, ownership and governance, and succession." —Rob Francais, CEO, Aspiriant LLC "Philip Palaveev has decanted the wisdom, experience and learned best practices of the professional firms of all kinds into a 'how to' book for generational transition. He has expertly and practically explained the critical components of G2 development and transition. While this is focused on wealth management firms, any professional service firm could benefit from the lessons this book teaches." —Bob Bunting, Former CEO, Moss Adams LLP "Philip Palaveev's new work is a mission critical playbook for founders and G2 of financial advisory firms. He expertly bridges the gap between identifying the necessity of having a next generation of leaders and the practical implementation of developing them within an organization. Armed with industry data, research and years of hands on experience, he encourages founders to trust what they have built and inspires G2 to be worthy of that trust. Developing leaders takes time, energy, effort and commitment on everyone's part; however, there is no better application of those valuable resources than growth of our people, growth of our firms and growth of our industry. This book is a manifesto on how to achieve all three." —Heather Robertson Fortner, Signature FD, Partner, Chief Compliance Officer and Chief Operating Officer and G2 Leader
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