Practice Made Perfect: The Discipline of Business Management for Financial Advisors [Hardcover]

Mark C. Tibergien (Author), Rebecca Pomering (Author)

Book Description

Series: Bloomberg Professional | Publication Date: March 1, 2005

When financial advisers need guidance on running their business, they turn to Mark Tibergien, the most prominent, most respected authority and hands-on consultant on the science and practice of managing financial advisory firms. Together with Moss Adams colleague and principal Rebecca Pomering, they have combined their years of research and analysis to write the definitive book on the subject.

The authors first identify how to assess the business and evaluate oneself as a manager. They then present strategic-thinking issues—such as practice models, business plans, and differentiators—in a Socratic style. This is followed by a detailed overview of critical topics, from financial management and human capital to IT and marketing—encompassing the management skills,  approaches, and mindsets needed for success.

With management tools, worksheets, and industry statistics, Practice Made Perfect is the authoritative book from the industry's expert.

Editorial Reviews

Review

"A wealth of useful information. . . . Whether you plan to grow, or maintain a small practice, the insights Tibergien and Pomering provide will give you the necessary tools to manage your practice more effectively." (MorningstarAdvisor.com)

Review

"We hired Mark in 2000 to take us through a planning process for Accredited Investors, Inc. Since that time, our assets under management have quintupled, our infrastructure and management systems have been refined, our priorities have been modified, and we are working with bigger and happier clients. We paid thousands of dollars for his work and received a benefit far beyond that. Now he and Rebecca have put many of their ideas into this book. It's a gift to the planning profession."
—Ross Levin, CFP
President, Accredited Investors, Inc.
Author, The Wealth Management Index

"This is the book a lot of practitioners have been waiting for. Mark and Rebecca are the foremost experts in this area, so expectations are high. They exceeded my expectations by a wide margin. Practice Made Perfect is loaded with practical items as well as meaningful insights that will surely help advisers become better businesspeople."
—Dan Moisand, CFP
Principal, Spraker, Fitzgerald, Tamayo & Moisand, LLC

"Mark Tibergien and Rebecca Pomering have served up a real treat in Practice Made Perfect. I've known them both for quite a while, as consultants to our firm and as two of the most respected commentators on our profession's business management. I thought I had heard it all. Not so. Mark and Rebecca offer many new and important insights.  Everybody in this business needs to read this book."
—Tim Kochis, JD, MBA, CFP
CEO, Kochis Fitz Wealth Management
Author, Managing Concentrated Stock Wealth

"Most financial planners, including myself, start a practice because we love the work. It doesn't take long to recognize that if we want to be successful long-term, we have to build a business.  Building a business is what Practice Made Perfect is all about.  This book is not a "how to start" a practice. Rather, it is a guide to taking your practice from where it is today to where you want it to be tomorrow. A must-read for practitioners who are serious about our profession."
—Elaine E. Bedel, CFP
President, Bedel Financial Consulting, Inc.

"Mark and Rebecca are a dynamic duo--they are bright, insightful, and able to get right to the heart of what is important in managing and growing a financial-advisory business. Practice Made Perfect is full of practical advice and ideas that every serious financial adviser should know to manage their business. Their continued advice and this book are priceless."
—Greg Sullivan, CPA, CFP
President, Sullivan, Bruyette, Speros & Blayney, Inc.

"Practice Made Perfect is outstanding. Mark Tibergien and Rebecca Pomering have captured the key strategic-planning issues for financial advisers who are serious about making money with their practices. The ideas offered in this book are worth many times the cover price."
—John J. Bowen Jr.
Founder and CEO, CEG Worldwide, LLC

See all Editorial Reviews

Product Details

• Hardcover: 256 pages
• Publisher: Bloomberg Press (March 1, 2005)
• Language: English
• ISBN-10: 1576601722
• ISBN-13: 978-1576601723
• Product Dimensions: 6.4 x 1 x 9.2 inches
• Shipping Weight: 1.2 pounds
• Average Customer Review: 4.7 out of 5 stars  See all reviews (7 customer reviews)
• Amazon Best Sellers Rank: #809,867 in Books (See Top 100 in Books)

Customer Reviews

Most Helpful Customer Reviews

7 of 7 people found the following review helpful:

4.0 out of 5 stars Insightful!, May 10, 2005

By 

Rolf Dobelli "getAbstract" (Switzerland) - See all my reviews
(HALL OF FAME REVIEWER)    (TOP 500 REVIEWER)    (REAL NAME)   

This review is from: Practice Made Perfect: The Discipline of Business Management for Financial Advisors (Hardcover)

A well-engineered and reliable kitchen appliance, say a toaster oven or a blender, has a certain functional beauty, and so does this book. Authors Mark C. Tibergien and Rebecca Pomering specifically target and serve financial advisers who own consulting firms. Based on their decades of consulting experience, the authors offer sound advice designed to protect - or deliver - any small financial service firm from a fiscal crisis. In the course of doing so, they debunk several myths, such as the notion that you can simply sell your way out of poor financial performance, or that most small firms don't need to borrow to pay for their operations. With an appendix chock full of helpful tools, such as a cash-flow calculator, a sample financial statement and a practice-management assessment questionnaire, this is a useful book for any small consultancy. We strongly recommend this book to financial advisers who know the value of good advice.

3 of 3 people found the following review helpful:

5.0 out of 5 stars Outstanding, November 3, 2006

By 

Warland Griffith III - See all my reviews
(REAL NAME)   

Amazon Verified Purchase

This review is from: Practice Made Perfect: The Discipline of Business Management for Financial Advisors (Hardcover)

Outstanding book. A must read for anyone who wants a clear idea on how to organize and manage a financial planning practice. Most importantly, this book also explains the performance metrics that must be set up, how to read them, and the appropriate action needed to keep your practice on track. Warland Griffith III, CFP®

5 of 7 people found the following review helpful:

5.0 out of 5 stars Required Reading, May 3, 2005

By 

Richard A. Brownstein (Montville, NJ) - See all my reviews
(REAL NAME)   

This review is from: Practice Made Perfect: The Discipline of Business Management for Financial Advisors (Hardcover)

When you ask the question "How do I get my business to the next level?" In reality you first need to understand the answer to the silent question "Where am I now and what is the next level?" This book provideds thousands of dollars worth of professional consulting insight and is required reading for any financial professional who wants to be considered a financial professional.