In Search of the Perfect Model: The Distinctive Business Strategies of Leading Financial Planners

by Mary Rowland

Cutting-edge financial advisers go beyond giving comprehensive client service. They are the profession's theorists and practical pioneers, developing new practice models that attract the kind of clients they want most and that help their businesses to grow. field and explains how they turned their practices into distinctive businesses - offering instructive lessons to their peers. It begins with an overview of how the profession has evolved. It analyses...

• Format: Hardcover
• Language: English
• ISBN: 1576601250
• ISBN13: 9781576601259
• Release Date: December 2003
• Publisher: Bloomberg Press
• Length: 233 Pages
• Weight: 1.45 lbs.
• Dimensions: 0.9" x 6.3" x 9.5"

Customer Reviews

Mary Rowland Turns Out Another Winner

I have to admit that when I first saw this book, I almost dismissed it, wondering if it was simply a rehash of her previous book on best practices for financial planners. I am very glad I gave it a second look, because this book, like her previous one, is a treasure trove of insights for financial planners who are searching for a business model that works for them. While the previous book was organized around a series of key topics such as full disclosure, professional qualifications and the like, this one is broken down into easily digestible descriptions of some of the leading financial planning firms, woven together with numerous quotes from the key principals at those firms. Rowland profiles a wide range of practices, everything from successful solo practitioner Judy Shine to what many consider the premier financial planning firm in the country: Evensky, Brown, Katz and [I think there's another name in there, too]. As someone who is in the early stages of making a transition into financial planning, I found the book incredibly helpful, not only for its subject matter but also because of Rowland's insightful commentary. The description of each firm runs only a few pages, so it's easy to pick up the book and read a chapter when you don't have much time. I loved it.

Perfect Planning Landscape Description

As someone who has begun my education to become a financial planner but has not yet transitioned careers, this book has been essential in painting a picture of the financial planning landscape. Reading about the most successful firms using such a wide variety of models helps to place your ideas on the map and give a vision for the future. Rowland's tie in to the ongoing debate about the future of the industry gives depth to a book that primarily gives snapshots of different businesses. Winners from across the spectrum weigh in, and not always with the same answer. For sure, you will come away from this book with an appreciation for the substantive changes that have taken place with every five year period over the last generation and an understanding that change will continue. The chapter on niche businesses was excellent. She profiles six of them to give you an appreciation for the different dimensions by which a niche can be defined. At the other end, she highlights only one sole practioner which was disappointing since that is perhaps the most numerous type of planner. Most chapters profile 2-3 businesses which is enough. To stay objectively supportive of all the models, Rowland publishes very few figures on the absolute or marginal profitability of the firms. This is probably best as it keeps vision and corporate identity at the forefront. In a profession where the winners are invariably pursuing a passion as much as a paycheck, this tactic was a wise choice.

Inspirational and Enlightening

This is a "must read" for any planner who wants to start or improve their practice. You will walk away from this book feeling like you have wide-open lattitude to set up and run your business in perfect harmony with your own personality and belief system. You will be amazed at how successful the sample practices are by doing things in unique and surprising ways. The most practical and motivating work I've ever read on this subject!

Excellent Profiles of Various Business Models for Planners

Ms. Rowland has covered the financial planning beat for quite a while, and has benefited from watching carefully how the leading firms have developed. Anyone who thinks they need a different business model for their firm, or is about to start a new financial planning firm will benefit from reading and thinking about this book. What kind of financial planning practice do you want? What kind of life style do you want? What kind of clients do you want to serve? What aspects of service do you want to do yourself, which parts have a staff to do and which parts do you want to outsource? How do you want to be compensated for your work? These are all pertinent subjects that are thoroughly explored in this book through detailed profiles of more than three dozen planners who span the gamut from single practitioners charging by the hour to occasional clients to larger firms that do everything for a single family throughout its many generations. The book also looks closely at fees, expenses, and income attached to these different structures. No two planners do it the same way, and it looks like you have more choices than you think. I found it refreshing to find that there's field where top performers can survive and prosper without working in large organizations. I was also impressed by the lifestyle advantages of offering limited, by-the-hour services. I agree with Ms. Rowland's conclusion that life planning is not so new, and that large firms will not swoop up the whole industry. It wasn't clear where the efficiencies are that would make that possible . . . unless it would be to offer bare-bones planning for those with few assets by using software. But that's not the type of planning that most people in the industry want to do.The book would have been improved if it had offered more analysis and a process for someone trying to pick a business model. Otherwise, the profiles were quite revealing and interesting. Although I operate as a management consultant, I find myself drawn into financial planning related issues (and yes, even life planning) when I work with entrepreneurs. So I felt it was valuable for me to learn from this book as well.

Required Reading

In Search of the Perfect Model is the most important practice management book of the year for independent financial advisors. It is well written, insightful, and thoroughly enjoyable!