00_Katz_fm.indd ii 11/14/08 7:24:58 AM Praise for Deena Katz’s Complete Guide to Practice Management Tips, Tools, and Templates for the Financial Adviser by Deena B. Katz “The power behind these very practical tools and tips is that they are rooted in Deena Katz’s solid track record of accomplishment. She matches the theory with the reality of the business.” —DALE E. BROWN, CAE President & CEO, Financial Services Institute, Inc. “Deena is a true leader in the financial advice industry who has helped build a hugely successful practice (Evensky & Katz), and who now helps educate future planners at Texas Tech University. Her experience-driven insights and perspec­ tives, along with various tools and solutions, are now available to you in her new book. Any advisory firm can benefit from it.” —TOM BRADLEY President, TD AMERITRADE Institutional “Deena Katz is one of the genuine icons in the independent advisory world. After making Evensky & Katz into one of the preeminent advisory firms in the country, she’s turned her knowledge and experience toward helping other independent ad­ visers run more efficient practices to better serve their clients. She is a valuable, and valued, resource for the industry.” —BOB CLARK Former Editor in Chief, Dow Jones Investment Advisor and Financial Planning magazines “Never has so much useful, practical information been compiled in one place for the financial advisory practice.” —BOB VERES Publisher, Inside Information newsletter www.bobveres.com “The chapter ‘The Killer Process’ alone is worth the price of the book. System­ izing your practice is one of the major keys to success in this business, and Deena gives you a step-by-step guide for doing exactly that.” —DAVID J. DRUCKER, MBA, CFP President, Drucker Knowledge Systems Principal, Virtual Office News LLC “Deena Katz continues to make important contributions to the business of fi nan­ cial advice. She brings years of practical experience in forming, merging, and growing a successful advisory firm, combined with insight she has gained as a teacher of financial-planning principals to college students. The result is a refer­ ence that advisers at every level will find helpful to have handy when trying to sort through critical practice-management decisions.” —MARK TIBERGIEN Chief Executive Officer, Pershing Advisor Solutions LLC 00_Katz_fm.indd i 11/14/08 7:24:58 AM 00_Katz_fm.indd ii 11/14/08 7:24:58 AM DEENA KATZ’S complete guide to Practice managemenT 00_Katz_fm.indd iii 11/14/08 7:24:58 AM Also available from Bloomberg Press Family by James E. Hughes Jr. Family Wealth by James E. Hughes Jr. Getting Started as a Financial Planner by Jeffrey H. Rattiner How to Value, Buy, or Sell a Financial-Advisory Practice by Mark C. Tibergien and Owen Dahl The Investment Think Tank edited by Harold Evensky and Deena B. Katz Managing Concentrated Stock Wealth by Tim Kochis Money Well Spent by Paul Brest and Hal Harvey Practice Made Perfect by Mark C. Tibergien and Rebecca Pomering Retirement Income Redesigned edited by Harold Evensky and Deena B. Katz A complete list of our titles is available at www.bloomberg.com/books ATTENTION CORPORATIONS This book is available for bulk purchase at special discount. Special editions or chapter reprints can also be customized to specifications. For information, please e-mail Bloomberg Press, [email protected], Attention: Director of Special Markets, or phone 212-617-7966. 00_Katz_fm.indd iv 11/14/08 7:24:58 AM DEENA KATZ’S complete guide to Practice managemenT Tips, tools, and templates for the financial adviser DEENA b. KATZ Bloomberg Press New York 00_Katz_fm.indd v 11/14/08 7:24:59 AM © 2009 by Deena B. Katz. All rights reserved. Protected under the Berne Convention. Printed in Canada. No part of this book may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the pub­ lisher except in the case of brief quotations embodied in critical articles and reviews. For information, please write: Permissions Department, Bloomberg Press, 731 Lexington Avenue, New York, NY 10022 or send an e-mail to [email protected]. BLOOMBERG, BLOOMBERG ANYWHERE, BLOOMBERG.COM, BLOOMBERG MARKET ESSEN­ TIALS, Bloomberg Markets, BLOOMBERG NEWS, BLOOMBERG PRESS, BLOOMBERG PROFES­ SIONAL, BLOOMBERG RADIO, BLOOMBERG TELEVISION, and BLOOMBERG TRADEBOOK are trademarks and service marks of Bloomberg Finance L.P. (“BFLP”), a Delaware limited partnership, or its sub­ sidiaries. The BLOOMBERG PROFESSIONAL service (the “BPS”) is owned and distributed locally by BFLP and its subsidiaries in all jurisdictions other than Argentina, Bermuda, China, India, Japan, and Korea (the “BLP Countries”). BFLP is a wholly-owned subsidiary of Bloomberg L.P. (“BLP”). BLP provides BFLP with all global marketing and operational support and service for these products and distributes the BPS either directly or through a non-BFLP subsidiary in the BLP Countries. All rights reserved. This publication contains the author’s opinions and is designed to provide accurate and authoritative informa­ tion. It is sold with the understanding that the author, publisher, and Bloomberg L.P. are not engaged in rendering legal, accounting, investment-planning, or other professional advice. The reader should seek the services of a qualified professional for such advice; the author, publisher, and Bloomberg L.P. cannot be held responsible for any loss incurred as a result of specific investments or planning decisions made by the reader. Portions of this book have been previously published in Deena Katz on Practice Management, ISBN 157660070X and Deena Katz’s Tools and Templates for Your Practice, ISBN 157660084X. First edition published 2009 1 3 5 7 9 10 8 6 4 2 Library of Congress Cataloging-in-Publication Data Katz, Deena B. Deena Katz’s complete guide to practice management : tips, tools, and templates for the financial adviser / Deena B. Katz. p. cm. Includes bibliographical references and index. Summary: “This edition is a revised and updated consolidation of two previously published books, Deena Katz on Practice Management and Deena Katz’s Tools and Templates for Your Practice. This new expanded volume includes Katz’s most recently tested approaches to managing a financial practice and the latest most ef­ fective ways of communicating with clients”--Provided by publisher. ISBN 978-1-57660-308-6 (alk. paper) 1. Financial planners--Handbooks, manuals, etc. 2. Investment advisors--Handbooks, manuals, etc. 3. Finance, Personal--Handbooks, manuals, etc. 4. Business enterprises--Finance--Handbooks, manuals, etc. I. Katz, Deena B., Deena Katz on practice management for financial advisers, planners, and wealth managers. II. Katz, Deena B., Deena Katz’s tools and templates for your practice. III. Title. HG179.5.K38 2009 332.6'2068--dc22 2008041700 Acquired by Mary Ann McGuigan Edited by Dru-Ann Chuchran 00_Katz_fm.indd vi 11/14/08 7:24:59 AM To Sarah, Daniel, Amanda, and Josh, who always sit in my corner 00_Katz_fm.indd vii 11/14/08 7:24:59 AM For downloadable versions of the figures included in Deena Katz’s Complete Guide to Practice Management, go to www.bloombergbooks.com/katz_complete_guide. In the pop-up box, enter: Username: Bloomberg Password: Forms 00_Katz_fm.indd viii 11/14/08 7:24:59 AM