Producing AFA Procedures & Guidelines
The following is a set of guidelines and procedures that every producing advisor (you) employed by North Harbor Wealth Management (the practice) is expected to adhere to. These guidelines and procedures may change at any time at the discretion of the franchise owner. The goal of these guidelines and procedures is to outline a consistent method of running the business.
Be compliant: This should be your number one goal at all times. There should not be any risk to your employment or to the practice. Use caution in every situation. If you are unsure about a situation or have a question, seek guidance from the franchise owner or refer to the compliance manual. The compliance manual can be found under the resources tab of Advisor Compass. If a mistake is made or a client has an issue, it must be reported immediately to the franchise owner.
Bring in new clients and new assets: In order for you to be a productive member of the team and keep the practice growing all licensed advisors must bring in new business. You will be evaluated based on performance every six months, looking at a rolling twelve month time frame. During our first performance review meeting of the calendar year, goals and expectations will be set for the following twelve months. Goals will be agreed upon and delivered in writing.
If you do not meet your production goals, you will be at risk of being placed on a performance management plan. The following is an outline of the steps that may be taken in order to manage your performance.
· If at your 1st six month review it is discovered that you have not achieved your goal, you may be placed on a warning period lasting until your next performance review. If at your 2nd performance review you have still not achieved your goal your commission split percentage will go down by at least 5% until your next performance review. If at your 3rd six month review it is discovered that you still have not achieved your goal, you may be placed on a warning period lasting until your next performance review. If at your 4th performance review you still have not achieved your goal your commission split percentage will go down by at least 5% until your next performance review and you will have the opportunity to negotiate a change in roles within the practice. At any point during the performance management process you may be required to enroll in available resources that the practice believes will increase the chances of meeting your goals.
· If you are placed on a performance management plan as outlined above and you are meeting your goals at the next performance review you will have the opportunity to gain back the reduction to the commission split. This is limited to 5% incremental increases per performance review.
The commission split ID is at the discretion of your employer and can be modified or removed at any time.
Your production goals are at the discretion of your employer and are subject to change at any time.
Engage clients and prospects in the financial planning process: North Harbor Wealth Management is a financial planning practice. In order to achieve our goal of standing out in the marketplace we must engage clients in the financial planning process. My expectations for you regarding financial planning relationships will be set during our first performance review meeting of the calendar year.
Support the practice and our clients: You will be required to run client meetings for general clients of North Harbor Wealth Management on a regular basis with a variety of different clients. You will also be required to use the pre-determined client service model for meeting follow ups and documenting your interactions with clients. You will be asked to complete transactions, run illustrations, do administrate tasks, and process paperwork as part of your regular duties to support the practice.
Continue to expand your knowledge: Educational opportunities will be made available to you and it is expected that you continue to build your financial planning, asset management, and product knowledge. It is encouraged that you obtain the CFP certification.
Adapt to the practice client service model: North Harbor Wealth Management has a very systematic way of servicing clients in the practice. It is required that you follow the pre- determined client service model. This includes keeping detailed notes in contact
manager. There should be something logged into the smart pad in contact manager every time you interact with a client. If you call them, if they call you, if you have a meeting, if they request a transaction, etc.
Communication: The franchise owner must be in the loop on all transactions, money movement, requests, etc. You can simply cc Ryan Callaway on these communications if you are using e-mail. If it is taken over the phone, log this into the smart pad in contact manager.
Obtain approval on any recommended changes: If you are changing a product/service that a client is currently receiving or you are recommending a new product or service to a client it needs to be approved by the franchise owner BEFORE the meeting with the client.
Be willing to ask for help and support: If you feel you need additional support, training, help with marketing, scheduling, etc. please do not hesitate to reach out. You have many resources available to you. It is up to you to let the franchise owner know what you think you need to be successful.
Build professional alliances with other professionals: CPAs, estate planning attorneys, property and casualty insurance agents, mortgage originators, and real estate agents all make great strategic partners. Part of your job is to build relationships with these individuals in order to better serve your clients and receive referrals from your professional network.
Opportunity for bonus compensation:
In addition to the North Harbor bonus compensation plan, producing AFAs are eligible for additional bonus opportunities.