Seven Steps to Affiliating with Wealth Stewards Inc
Step 1 – Assessment of your current position
We have a dialogue with your firm’s partner group about the strengths and weaknesses of your firm as it stands now with respect to your client base, your current services and your desire to change to meet a future vision. This step will determine at a high level the possible fit of your current clients and staff for integrating wealth management services.
A Client Audit is often utilized at this point to demonstrate your clients’ collective priorities and to quantify the potential in the wealth management field.
Step 2 – Determining Your Goals
This step will focus on the future of your firm. Together we will determine at a high level your commitment to future goals and if they are consistent with the integration of wealth management services.
Step 3 – Identification of the Gaps
Naturally each professional firm is at a different point in the implementation of their future plans. This step is meant to clarify the gaps that still exist to achieve key goals including the integration of wealth management services.
Step 4 – Feasibility & Commitment
While most organizations would like to make the changes needed to meet their future goals, it is important to check the feasibility of the changes required and the partners commitment to their goals in a reasonable timeframe. At this point you firm will have to assess the financial and operations commitment to be made to implementation of wealth management services.
Step 5 – Action Plan
Wealth Stewards Inc. has developed a 90 day action plan relative to the implementation of wealth management services. While this may need to be tweaked modestly for individual firms, the core action plan will allow most firms to be up and ready to go within a 90 day period. These core steps include the following:
- Who will be your onsite wealth advisor
- What will your business plan look like for wealth management services
- What training needs to be done with the professional firm’s partners and staff
- What operating systems need to be set up to launch your wealth managment division
- Who will you focus on reaching after you launch these new services
- Who, how and when will the launch of your division occur
Step 6 – Implementation of the Plan
Each firm who launches any new service has to evaluate what has worked well, not so well and adjust accordingly. During the first few years a commitment to a quarterly evaluation sessions with all of the professional firm's partners is important to measure progress.
Step 7 – Monitoring & Adjustments
Each firm who launches any new service has to evaluate what has worked well, not so well and adjust accordingly. During the first few years a commitment to a quarterly evelaution session with all of the professional firm’s partners is important to measure progress.
On an ongoing basis for as long as you have this division adjustments will have to be made for new economic, regulatory, people etc. changes.
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