All-Channel Trend Report
Part 5: Written Plans and Procedures

Part 5: Written Plans and Procedures

Section 4: Best Practices of Top Advisors

Large firms are likely to have more infrastructure, a higher number of employees, and a broader service offering. It therefore comes as no surprise that a much higher percentage of large firms tend to report written plans and procedures across the whole range of categories. While the differences in documentation across the firm categories are not significant for compliance manuals, errors and omissions insurance, and business plans, large firms are much more likely to have written procedures for items such as client agreements, employee handbooks, employee evaluation and executive policies. Clearly, employing a greater number of people necessitates these policies. Also notable from this breakdown is that, in comparison to the other firms, a higher percentage of growing firms report having written plans and procedures across nearly all categories. Indeed, relative to the other firms, a higher percentage of growing firms report having both business plans and marketing plans, which likely indicates that their focus on growing their business is paying off in the form of increasing levels of AUM, revenue and profit.

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