Clearly-defined roles for every member of staff can mean the difference between a successful IFA business and an also-ran, advisers say, following research suggesting firms that place importance on job descriptions are more profitable than those that do not.
A study conducted by transition planning firm FP Advance found firms that had clearly-defined job descriptions for less than half of their staff generated a ‘profit per principal' of almost £79,000 per annum. Those who applied job descriptions to more than 50% of their staff generated almost £115,000. According to FP Advance, as well as a ‘title' and details of who an individual reports to, job descriptions should include a ‘purpose summary' and key responsibilities and duties. The job descriptions of every member of staff, including paraplanners and administrators, should include the sa...
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