Power in Practice was designed for Commonwealth advisers. The year-long inaugural intensive allowed advisers to lead their organizations toward their own specific goals, providing the infrastructure, guidance, tactical steps and built-in accountability advisers need to refine their business plan and enhance their competitive edge. The program was led by Commonwealth’s Managing Principal of Practice Management, Joni Youngwirth.
In the year-long inaugural program, 40 advisers worked together in two peer groups. According to Commonwealth, participating advisers generating between $200,000 and $475,000 in 2010 gross dealer concessions (GDC) and increased 2011 revenue by a weighted average of 24% more than advisers generating the same 2010 GDC who did not participate in the program. Participants generating greater than $475,000 in 2010 GDC (which included several million dollar-producing offices) increased 2011 revenue by 44% more than those in a similar revenue range who did not participate in the program.
“Our program was designed for the adviser who wants to evolve from a practice into a true business,” said Youngwirth.
The Power in Practice curriculum incorporated a series of peer workshops, one-on-one coaching sessions with Youngwirth and best-practices peer calls. Each participant set a goal of implementing a minimum of 10 best practices in his or her business by year-end, thereby instituting a system to efficiently manage the practice on an ongoing basis.
Power in Practice will continue in 2012 with 40 new participants. For more information, visit www.commonwealth.com.