The History and Role of a Financial Consultant

The History and Role of a Financial ConsultantThe History and Role of a Financial ConsultantFinancial consultant is a somewhat bygone title thats been replaced by financial advisorat mostfinancial services firms. The job used to be known colloquially among the general public as a brokerorstockbroker and the more formaljob titleusedby mostsecurities brokerage firms welches account executive or registered representative. The position has also been known as an account executive, registered representative, and financial consultant. Details, Responsibilities, and Specialization Back in the days when financial consultants were commonly found in financial services firms, theirjob duties were similar to what they are today. All thats really changed is the title. Financial consultantscounsel clients on investment opportunities and this requires staying up to the minute with fluctuations in the market. They have to be excellent salespersons, selling themselves, their firms, and their inves tment ideas. Some financial consultants serve only individuals while others serve only businesses such as retail chains or institutions. Compensation Packages Compensation is typically by commission, but some financial consultants also earn salaries and are additionally compensated through bonus programs and profit sharing. Overall, pay can range from as little as $36,111 a year for those who are just starting out and havent yet established a significant client base to upward of $161,401 a year for more experienced consultants. As in most professions, compensation tends to increase with the size and stability of the firm with average compensation falling in the neighborhood of about $57,000 across all firms. The job requires dedication and a significant time commitment. Most financial consultantswork in excess of 50 hours a week and working 80 hours a week is not uncommon. A Little History Most leading securities brokerage firms had launchedwhat today would be called a rebra nding of this position by the 1980s. They sought to upgrade its reputation and the title financial consultant was a popular choice at many firms. The goal was to replace the old image of the transaction-driven salesperson with a new one of a highly-trained financial professional who offered valuable investment advice and counsel to clients. Financial advisor started gaining in popularity by the early 1990s as yet another rebranding exercise. Many firms believed that this title conveyed the image that they wanted to project even more so than financial consultant. It seemed to be an obvious evolution given that the advisory role was a key part of the consultant image. Merrill Lynch Comes on Board Interestingly, retail securities brokerage industry leader Merrill Lynchwas the last of the major firms to make this change. Its compliance departmentwas very powerful and very cautious back in those days. Merrill Lynch feared that using the title financial advisor could have severe legal and regulatory ramifications by implying that the holders of that title would be subject to more stringent fiduciary standards. The looser suitability standardtraditionally guided the actions of brokers, account executives, and registered representatives. Indeed, various business and financial publications such as The Wall Street Journal, Barrons, and Forbesregularly editorialized that the financial advisor title carried such an implication. The media called for a fiduciary standard to be imposed upon its holders. As it turned out, Merrills fears turned out to be unfounded, and it eventually renamed its financial consultants as financial advisors. The Chartered Financial Consultant (ChFC) designation is a credential forfinancial planners.

Ways for a Manager to Prepare for a Performance Review

Ways for a Manager to Prepare for a Performance ReviewWays for a Manager to Prepare for a Performance ReviewThe annual employee wertmiger zuwachs review is an essential human resource process for documenting how well an employee performed throughout the year, an opportunity to provide feedback to the employee, and serves as a springboard for rahmen performance and development objectives for the coming year. However, the annual workplace ritualbeen compared to a trip to the dentist to get a root canal. Both can be accurate descriptions. Just like taking care of your teeth, the reason the annual performance review ends up feeling like a root canal is because of a lack of preventive maintenance. With a healthy amount of upfront planning and regular check-ups, the annual performance review can be as painless as annual teeth cleaning. Here are seven ways a manager can prepare for an annual employee performance review in order to make it a productive and painless discussion 1. Start Wit h Performance Expectations and Goals Preparing for an annual performance review starts with the hiring process. A well-written job posting and job description clearly spell out what is expected of the employee and what good performance should look like. Performance expectations dont have to take the form of a formal job description. Just be aya to discuss these expectations and goals with the employee and revisit them on a regular basis. Things can change, and when they do, the employee shouldnt be the last to know. 2. Provide Regular Feedback Throughout the Year A big parte of making the annual review painless is the elimination of surprises. Employees deserve and need positive and critical feedback on a regular basis. In order for feedback to be effective, it needs to be timely, delivered as soon as possible after the performance result or behavior. Sure, critical feedback can sting a little, but its way less painful than getting it all at once at the end of the year. 3. D eal With Performance Problems Swiftly and Decisively The annual review is NOT the time to address a serious performance problem for the first time. Managers need to learn how to recognize, diagnose, and discuss performance problems throughout the year. 4. Maintain Documentation Throughout the Year One of the hardest parts of preparing for a review is trying to remember everything that happened over the course of a year. When a manager doesnt keep a record of employee performance and behaviors throughout the year, they tend to base their review on recent memory. A simple way todocument throughout the yearis to keep a folder for each employee for performance reports, examples of good and bad behavior, summaries of discussions, customer feedback, attendance records, and anything else pertaining to performance expectations and goals. 5. Get Feedback From Others While a manager is the best person to evaluate an employees performance, its also helpful to solicit feedback from cus tomers, co-workers, and other managers. This can be done on a regular and informal basis, or with more formal survey methodology. Feedback should be confidential and anonymous and used in aggregate to verify and support the managers assessment. 6. Ask for Feedback From the Employee While a manager should NEVER ask an employee to write their own review, its a good practice to ask for a self-assessment from the employee as part of the preparation process. The employee may have information that the manager was not aware of, and at a minimum, the manager can get advance notice of any blind spots the employee may have. 7. Be Prepared With Examples For performance, provide objective, measurable performance documentation if at all possible. For behavioral feedback, provide 2-3 specific examples for each competency. When a manager follows these preparation tips, the annual discussion should merely be a summary of everything that has already been discussed throughout the year. The fo cus can then turn to set expectations and goals for the following year.

How to Get Noticed at Work in Just 5 Minutes - The Muse

How to Get Noticed at Work in Just 5 Minutes - The MuseHow to Get Noticed at Work in Just 5 Minutes Youre good at your job. And on top of that, youre conscientious, polite, and deadline-oriented. You show up on time every day. Your long-term professional goals are well-defined, and you work toward them consistently. But, surrounded by similarly high-achieving colleagues, these attributes may bedrngnislage be enough to make you stand out- especially if youre employed by a large organization.You may think you have to brainstorm nachrichtensendung initiatives or overhaul old systems to get noticed. But small actions can be impactful, too- in a fraction of the time. Here are five options to that you can try today1. Offer to Take on New ProjectsLending a helping hand- before someone has to ask you- makes you look proactive and team-oriented. So, instead of waiting to possibly be recruited for additional responsibilities, offer to take them on at the get-go. Dont let the fact that its not your project or your usual team get in your way. If you need to learn new skills, all the better. Stretching yourself helps you build experience and increases your value within the company.Make the OfferHi Co-workers Name. I noticed I have some free time in my schedule this week. Are there any projects I can lend a hand on?2. Provide a Specific ExampleProviding specific examples shows that youre actively engaged and can help you make your points. For example, when you skip Great job, earlier, in favor of I thought the additional point you made about the marketing strategy was really insightful, it proves you were listening.Additionally, when presenting an idea to a colleague or boss, referencing specific examples in your conversation shows that youve given the issue serious thought and considered the ideas real-world impact.Explain Your PointI think doing this would be especially helpful when employees have to insert company process or procedure here and could help insert example of how your idea would impact a regular daily event.3. Speak Up at Company MeetingsYou may not always have specific examples or data that jumps to mind. Thats OK. The willingness to put yourself out- and say something- carries enormous weight. Not only that, but simply speaking up is likely to make your attendance more memorable. (Assuming, of course, that youre adding to the conversation and not being a distraction or repetitive.)Feel free to offer your own opinions, and if youre stuck on something new to say to add, amplify a co-workers point by agreeing.Add onI agree with Co-workers Name idea to modify the reporting model. I think what were doing now has been effective, but there may be a more efficient way to get this done.*4. Get in the Mindset to Hear Constructive FeedbackConstructive is the operative word here. Criticism stings, so its human nature to initially fear or turn away from it. But to identify areas for growth, youll need to listen instead. Then ask yourself- honestly - if theres any merit to the other persons points.For example, if you were told you havent been meeting deadlines, you could objectively look back and see that, yes, you have blown through the last three out of four due dates. That recognitions the first step in resolving that issue. From there, you could set calendar reminders, start the work early, and plan micro-deadlines to stay on track. Remind YourselfFeedbacks going to help me identify areas for growth so I can keep excelling at my job. Im capable of hearing the other person out and not getting defensive.5. Improve Your EmailsAny time youre preparing to submit an email, ask yourself if theres anything that could be better. Im not talking about actually including the attachment and proofing it for typos. Those steps are great, and I bet you already do them. (Not so sure? Heres a reminder of the basic email rules.)But spend these find minutes making it better overall Is it clear what the purpose of that document is? Is all the appropriate information there? Is anything missing? Put yourself in the other persons shoes to quickly decide if more details need to be added, or if youre good to go. Ask YourselfIf I was receiving this, what else would I want to know?As you read each of these ideas, you mayve noted that following through on them- actually completing that project you offered to help with, making changes based on feedback- will take more than five minutes. But thats a good thing. Often the hardest part is getting started, and each of these steps make a good impression- and give you a launch point to do even better. It will take effort. But your readiness to go above and beyond at work effectively changes the game and ups your ante