Braverman says he would like more, though. "What we really need now is assistance that relates to the specifics of our business and the softer client issues, such as how do we run engaged family meetings and how do we assist in speaking to the next generation? We want help with understanding behavioral finance and how it relates to our clients. More clients are focused on philanthropy, and while Pershing runs a donor-advised fund, we'd like to see some deeper resources around family philanthropy. To summarize, we need help addressing the human side of our business."
TD Ameritrade
Michael Watson, managing director at TD Ameritrade, is responsible for the overall management of TD's practice management deliverable.
"TD defines practice management consulting as 'the business of managing a business.' Firms need to have the right people, process and technology," Watson says. "That is how TD approaches and delivers its practice management deliverable."
TD helps advisors take their businesses to the next level with processes that translate their business objectives into a documented plan with measurable results. "That's important," says Watson. Hence, their deliverable focuses on seven key areas:
Growing the business
Optimizing efficiency
Exceeding client expectations
Risk management
Practice equity
Self-positioning the advisor as an expert