Commonwealth to Continue Adviser Coaching Program

Commonwealth Financial Network’s Power in Practice business development coaching program will continue in 2012.  
Reported by Corie Russell

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.

 

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