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Practice Made Perfect
Book

Practice Made Perfect

The Discipline of Business Management for Financial Advisers

Mark C. Tibergien and Rebecca Pomering
Bloomberg Press, 2005

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Editorial Rating

7

Qualities

  • Applicable

Recommendation

A well-engineered and reliable kitchen appliance, say a toaster oven or a blender, has a certain functional beauty, and so does this book. Authors Mark C. Tibergien and Rebecca Pomering specifically target and serve financial advisers who own consulting firms. Based on their decades of consulting experience, the authors offer sound advice designed to protect - or deliver - any small financial service firm from a fiscal crisis. In the course of doing so, they debunk several myths, such as the notion that you can simply sell your way out of poor financial performance, or that most small firms don’t need to borrow to pay for their operations. With an appendix chock full of helpful tools, such as a cash-flow calculator, a sample financial statement and a practice-management assessment questionnaire, this is a useful book for any small consultancy. getAbstract.com strongly recommends this book to financial advisers who know the value of good advice.

Take-Aways

  • To properly manage your financial advising business, focus on strategy, financial management and human capital.
  • Most financial advisory firms experience a life cycle described by the stages: "wonder, blunder, thunder and plunder." To manage your firm, first identify your stage.
  • Many advisers dislike spending any time on anything but their clients’ concerns.

About the Authors

Mark C. Tibergien is partner in charge of the business consulting group and principal of the accounting group at Moss Adams LLP in Seattle, where Rebecca Pomering is also a principal. Tibergien, who delivers 50 to 60 addresses annually, was president of Management Advisory Services prior to its merger with Moss Adams in 1994. Pomering specializes in management consulting, including compensation, strategic planning and financial advisory practice management.

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