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Managing a Multi-Office Financial Services Practice

The keys to profitably incorporating comprehensive financial services into a multi-office professional practice are coordination and communication. The greater a firm's ability to consistently present an integrated range of services to its clients, the more successful the financial services practice will become.

Organizationally, the greatest success is experienced when a senior level member (i.e. partner or shareholder) is designated as coordinator of the financial services practice at the firm level. Usually, the coordinator is the first individual to become licensed within the firm. Although each firm's specific approach will vary, typical responsibilities of the firm coordinator include:

  • Introducing the newly offered services to the clients of the office in which he or she is located. Many firms elect to pilot the financial services practice prior to rolling the offering out on a firm-wide basis and it is typically the firm coordinator who conducts the pilot program.
  • Serving as President of the newly created financial services entity.
  • Oversight of firm-wide financial services marketing activities and development of firm specific marketing materials.
  • Coordination of the licensing and training of other firm members.
  • In some circumstances, providing engagement-level assistance to other firm members.

Additionally, we recommend that a financial services coordinator be designated within each office of the firm as the services are introduced to the clients of that specific office. Responsibilities of the office coordinator may include:

  • Acting as a shareholder of the financial services entity.
  • Supervision of the staff members responsible for the maintenance of client files.
  • Conducting an office-level practice review to identify market niches among the client base for which targeted marketing activities should be conducted.
  • Conduct of individual client engagements generated within the office.
  • Oversight of the licensing, training and marketing activities of other firm members located in that specific office.
  • Providing engagement-level assistance to other firm members.