ImpressionistTEAM WORKBOOK

Decisions and Notes for Modules 1 – 5

BSMART Business Simulation Management and Relationship Training

Vision, Mission & StrategyThe Foundation of a Business

MODULE ONE

Your Vision

*$4B firm, 50% on WM $2B AUM & $2B AUM in IM businesses*Broad based ownership, clear understanding of partnership requirements, well developed career paths for all employees.*Geographic expansion on WM side into second tier cities (Denver, Tucson, Albuquerque, Kansas City, Omaha..)*Employer of choice in 2nd tier markets in which we operate.

A vision statement describes what you want your firm to look like in the future, typically three to five years out, or longer, and is both an internal and an external message. If you keep it front and center, it can help you stay focused on your goals. It can also help inspire and motivate your staff, and instill confidence in clients that you know where you want to be in the future.As you craft a vision statement for your firm, ask:• What do we aspire to become in three to five years?• What does success look like for our firm over this period?• What does our end-state look like?

A vision statement describes the future state you are looking to create – your desired end-game for the firm in 2020.

Your Mission

Empower individuals (clients, employees & advisors) to achieve financial freedom in pursuit of their goals and dreams.

We will support local communities through community outreach (charitable activities, community involvement).

A mission statement describes why you are in business, and is primarily used internally. It plays an important role in helping you assess your activities and determining if they are in line with your core purpose. It can be used to “sanity check” what you may be considering doing – if activities stray from your core purpose, you may decide not to do them or to reevaluate your mission.As you craft a mission statement for your firm, ask:• What is our purpose for being here? Why do we do what we do?• What needs do clients have when they come to us?• What are the most significant strengths of our business?• Why do clients choose our firm over other firms? What are our

differentiators?

A mission statement describes why the organization exists – its core purpose.

Your Strategy

*We house wealth management and investment management capabilities under one roof.*WM in Sante Fe –Dominant competitor with size and scale advantages.*IM-We have 3 year track record

Questions that may help:

• What makes us better than the competition?

• Why do customers choose us?

• What makes us unique?

• What do we have that others do not?

• What do we do that cannot be replicated?

• Why are we successful?

• What created our success to date?

Our competitive advantage is…

SWOT Analysis

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Strengths Weaknesses

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PLEASE COMPLETE

SWOT Analysis

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Opportunities Threats

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PLEASE COMPLETE

Initiatives and Notes

Initiatives for Improvement

Write down and agree on Strategy initiatives in your firm and elect a “champion” for each initiative.

Notes

Improvement Opportunity Who Will Complete

1.Develop career tracks Edgar Degas

2.Define partnerships tracks/requirements Claude Monet

3.Geographic expansion on WM side Eddie Monet

4.Redeploy WM resources to IM Mary Cassatt/Fred & Paul

5.Product/geographic distribution expansion Mary Cassatt/Edgar Degas

6.Explore succession solutions/IM clients –can impressionist provide succession plan solutions to choose firms? Can we incorporate this into # 3 above?

GrowthBuilding the Firm

MODULE TWO

CHARACTERISTICS OF THE IDEAL CLIENT

CHARACTERISTICS OF THE NOT-SO-GREAT REFERRAL

Business YouWould LikeTo Win

CHARACTERISTICS OF THE IDEAL COI

CHARACTERISTICS OFTHE NOT-SO-GREAT COI

COI RelationshipsYou Would Like To Have

Ideal Profile

PLEASE COMPLETE

Initiatives and Notes

Initiatives for Improvement

Write down and agree on Growth initiatives in your firm and elect a “champion” for each initiative.

Notes

Improvement Opportunity Who Will Complete

1.Geographic expansion WM side Eddie Monet

2.Product line IM side (40 act funds, new strategies) Mary, Edgar

3.Expand COI network Fred

4.Establish BD role on IM side (review internal candidates) Mary

5.Review comp plans-make sure it incentivizes business development capabilities.

Claude Monet

Staffing and CompensationAttracting, Retaining and Organizing Talent

MODULE THREE

Organizational Chart

Draw your firm’s organizational chart. Label the positions.

Compensation Philosophy

PLEASE COMPLETE

What is your compensation philosophy?

Initiatives and Notes

Initiatives for Improvement

Write down and agree on Human Capital initiatives in your firm and elect a “champion” for each initiative.

Notes

Improvement Opportunity Who Will Complete

1.Develop career path, track roles and responsibilities Edgar Degas

2.Deine partnerships track/requirements and voting rights of shareholders. Claude Monet

3.Review compensation plan (ensure it incents business development) Claude Monet

4.Redeploy resources WM-IM side Mary Cassatt/Fred & Paul

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Handouts in the Appendix

• Advisor HR Solutions• Sample Compensation Profiles

Operations and Technology

MODULE FOUR

Role of Operations

Service and Deliverables PLEASE COMPLETE

Component-level Role

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Financial Planning Investment Management

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List and Documents Services

Process

Purpose

Budget

Resources Evaluate how well resource components are satisfied.

Available Scalable

Attainable Sustainable

PLEASE COMPLETE

Initiatives and Notes

Initiatives for Improvement

Write down and agree on Operations initiatives in your firm and elect a “champion” for each initiative.

Notes

Improvement Opportunity Who Will Complete

1.Automate workflow process (Salesforce) Edgar Degas

2.Improve trade order efficiencies & risk controls Edgar Degas

3.Crosstrain WM associates on IM business (excess capacity currently in WM business)

Edgar Degas

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Handouts in the Appendix

• Six Tell-Tale Signs That Your Business Processes May Need Attention

Financial ManagementMaking the Numbers Work

MODULE FIVE

Initiatives and Notes

Initiatives for Improvement

Write down and agree on Financial initiatives in your firm and elect a “champion” for each initiative.

Notes

Improvement Opportunity Who Will Complete

1.Review WM pricing Eddie Monet

2.Attempt to re-negotiate referral fees Mary Casset

3.Increase revenue per professional of WM side Claude Monet/Fred & Paul

4.Evaluate ownership alignment (Ex: Edgar Degas owns 20% of IM but 0% of WM)

Claude Monet

5.Too many professionals on WM side

6.Install $7500 minimum fee on WM side

Handouts in the Appendix

• Key Drivers of Firm Valuation