Touchstone Investments Practice Management Consulting Modules

Each module of our Practice Management Consulting Program tackles many of the challenges Financial Professionals face today. For each module, there are many practical applications to explore, and they are tailored for which ones best meet the specific needs of the practice.

STRUCTURE

Is Your Team Aligned for Success?

Successful organizations and highly functional teams share 4 common key attributes: alignment, role clarity, accountability and communication.

How can Touchstone help?
We conduct several types of engagements and workshops that examine and refine various aspects of a practice - clearly defined roles & responsibilities, leadership styles positioned for success and objectives & goals viewed from varied contributor perspectives.

Why is this important?
Building a cohesive team structure can enhance brand awareness, elevate the client experience, and set you apart in the market. Instead of functioning as individual practitioners, a unified team can boost productivity, create leverage, and aid in retaining both team members and clients. Taking this proactive approach not only positions the business for growth and helps you deliver your promise and value proposition to your clients but also prepares it for future transitions.

Some tools and resources available to support your efforts include:

Team Structure Workbook
Team Capacity Calculator
Team Planning Offsite

GROWTH

What Kinds of Expansion Are Worth Actively Exploring?

Organic growth (acquiring new clients or more assets from existing ones) & Inorganic growth (acquiring another practice) can be useful strategies. But ask yourself an important question: Are you growing by chance or by process?

How can Touchstone help?
We offer several programs and tools with actionable steps that can assist Financial Professionals in executing on deliberate, repeatable growth strategies - whether looking to attract new clients, purchase a practice, or simply unlock revenue from within your existing practice.

Why is this important?
It is vital to focus not on prospects who look like the average client, but on those that fit the mold that aligns with your plans for your practice in the future. You can use, as the foundation, this defined repeatable process, to better position your practice to acquire the right clients/assets for you. The same holds true when considering buying or selling the practice – you can also consider how well the practice aligns with your goals and whether it is positioned to meet your needs once the sale closes.

Some tools and resources available to support your efforts include:

S.A.B.R.E Acquisition Process and Pipeline
How to Determine If Acquisition is Right for You – Overlap and Implementation Analysis
Pricing Optimization

SERVICE

Where Can the Core of Achieving Scale & Efficiency Be Found?

Client Service – and by extension proper client segmentation – is the cornerstone of a highly functioning, efficient practice.

How can Touchstone help?
As seasoned professionals, well versed in two of the most prevalent and accepted Segmentation and Service philosophies, we conduct sessions including methodologies, process and tools to help guide teams focused on implementing a sustainable, top tier client service model.

Why is this important?
A Financial Professional’s brand is primarily driven by the service they provide and many teams do not have a defined service model. Our experience has shown that for those that do, over 80% are promising a level of service in which they do not have capacity to execute. Defining relationships and tailoring the appropriate level of service can be key to the profitability, efficiency and defensibility of any practice. Being intentional about this is critical for success because the growth of a practice will be limited to the pace at which you can effectively serve your current clients.

Some tools and resources available to support your efforts include:

Client Segmentation Tool
Client Service Calculator
Service Implementation Calendar

EFFICIENCY

How Many Ways Can Time, Revenue & Risk Be Maximized?

When it comes to the multi-layered complexities within a practice – it is critical to understand how each aspect is performing and how they all impact the function of the practice as a whole. Just one example of this, in our work with thousands of Financial Professionals, found that on average 48% of a Financial Professional’s households are compensating them for less than 1 hour of their time each year.

How can Touchstone help?
Touchstone can help not only identify the opportunities that exist within the practice related to time, revenue, risk and more, but will also provide a documented and systematic roadmap that can help Financial Professionals truly unlock the efficiency within the practice.

Why is this important?
Efficiency is instrumental to fostering growth within a practice. A misallocation of time, one of our most valuable resources, can lead to many of the problems we all experience on a daily basis. Whether looking to grow, reinvest in the business, or simply have more time away from work, mastering efficiency in this way, can be the most direct route to success.

Some tools and resources available to support your efforts include:

Touchstone Diagnostic Dashboard and Benchmarking
Customized Action Plan
Accountability Coaching

DILIGENCE

What Measures Are Critical to Ensure a Practice is Defensible?

A client’s best interest always comes first - at the forefront is the importance of the due diligence and readiness level of a practice. Despite many teams striving for scale, we’ve found the average financial professional has over 426 unique funds in the practice and 46% of which exist for only a single client in a single account.

How can Touchstone help?
Touchstone tackles many of the nuanced areas required to address this complex topic, including identifying opportunities to refine existing investments, offering a consistent methodology for strategic and tactical approaches to building a portfolio, assisting with implementing documentation processes and more.

Why is this important?
When trusted with client assets, Financial Professionals need a structured approach for managing the vast array of investments available and in their client portfolios. Implementing disciplined consistency, a thorough audit process and documentation for portfolio construction must be treated with proper care, which can help to ensure that the practice is positioned to thrive while better shielding it from vulnerability and risk.

Some tools and resources available to support your efforts include:

Proprietary 3 Lens Investment Review
Asset Allocation Committee Guidance
Orphan Fund Audit and Mapping

Let's Get Started!

I am a Financial Professional. Please have my Touchstone team member contact me to learn more about the PAR approach and Touchstone's Practice Management Consulting Program.

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