The Ensemble Practice: A Team-Based Approach to Building a Superior Wealth Management Firm -- Copyright -- Contents -- Introduction -- Acknowledgments -- Part I: Structuring an Ensemble -- Chapter 1: The Ensemble Defined -- The Ensemble Concept -- Ensemble Demographics -- Ensembles Are More Profitable and Valuable -- Clients Prefer Ensembles -- Should Everyone Be an Ensemble? -- What's Next and Who Should Read on -- Notes -- Chapter 2: The Ensemble Structure -- The Service Advisor Model-Leverage -- The Emerging Partnerships-Sharing -- Sharing Office Space -- Sharing a Brand Name -- Sharing Staff -- Sharing Clients and Profits -- The "True" Ensembles-Leverage and Sharing Combined -- Managing Advisors -- How Many Service Advisors to Hire? -- Is There a Place for a Third Level of Advisor? -- Departments -- The Super-Ensemble Firms -- Multiple Lines of Business -- Multiple Locations -- The Firm as a Platform or a Franchise -- When Large Becomes Too Large -- Notes -- Chapter 3: Growing into an Ensemble -- The Right Time to Hire -- Whom Can You Hire? -- Structuring Client Service -- Service Advisors and Client Relationships -- From Support to Relationship Management -- From Relationship Management to Ownership of the Client -- The Hiring Process -- The Selling Question -- The Equity Question -- Making the Decision -- Notes -- Chapter 4: Merging Together -- Your Shared Strategy -- Your Shared Values -- The Data -- The Business Plan -- Partner Roles and Compensation -- The Deal -- Mergers of Not So Equals -- The Deals after the Deal -- Owner Rights -- Making Decisions as Partners -- Buy-Sell Agreements, Retirements, and Breaking Up -- Communicating the Deal to Clients and Employees -- Notes -- Chapter 5: From Silo to Ensemble -- Creating a Shared Bottom Line -- The "Mine, Yours, and Ours" Model -- Assign Management Responsibilities.

Share Client Meetings -- The Prenup -- Change Your Thinking -- Note -- Chapter 6: Partner Responsibilities and Partner Compensation -- Labor versus Equity -- Using Profit Centers or Silos -- Setting Owner Base Compensation -- Salaries -- Payout Systems -- Draw Systems -- Benefits -- Owner Bonuses -- The Role of Equity Ownership in Income -- Discretionary Expenses and Perks -- Partner Compensation Discussion Worksheet -- Part II: Managing an Ensemble -- Chapter 7: Creating Ensemble Culture -- Establishing Priorities and Values -- Customers-Service as Culture -- How We Deal with Each Other -- Performance as Part of the Culture -- Conflict -- Promotions -- Who Owns the Client? -- Mom and Dad -- Tribes -- Manage Yourself -- Notes -- Chapter 8: Making Partner -- When Can You Add a Partner? -- Whom Do You Want as a Partner? -- Revenue Contribution -- Management Contribution -- Character -- Presence -- Intellectual Contribution -- Is Partnership Only for Advisors? -- How Do They Buy-In? -- Valuation -- Financing -- Alternatives to Full Partnership -- Income Partnerships -- Phantom Stock, Stock Appreciation Rights, and Stock Options -- Profits Interest -- Why Do You Promote Partners? -- Notes -- Chapter 9: The Big Idea -- Four Stages of Growth -- Steps to Institutionalizing -- Notes -- Chapter 10: Managing Professional Compensation -- Compensation Philosophy -- Setting Salaries -- Payout-Based Compensation -- Incentive Compensation -- Bonus as Percentage of Salary Based on Performance Evaluation -- Team-Based Bonus Pool -- Multi-Criteria Advisor Plan -- Business Development Incentive Plan -- Benefits -- Compensation Management Process -- Chapter 11: The Bottom Line -- The Owners' Personal Income and Income Bogey -- The Income Statement -- Managing Engagement Economics -- Unit Economics -- Service as a Product -- The Pricing Grid -- The Cost of Customizing.

Minimum Client Account Requirements -- Managing Staffing Cost and Productivity -- Overhead Management -- Key Ratios on Your Dashboard -- Budgeting and Financial Management Discipline -- Notes -- Chapter 12: The Devil in the Details -- Agreement on Service Process -- Investment Committee -- Leadership in Operations -- Customization and Efficiency -- Technology Selection -- Quality Control and Risk Management -- Vendor and Strategic Partner Choices -- Part III: What Happens Next -- Chapter 13: Recipes for Failure -- How to Fight with Your Partner -- Losing Control of Your Own Firm -- Agree to Disagree-aka Avoiding Difficult Decisions -- The Porch of Indecision -- People Who Don't Develop -- Protecting Your Ensemble -- Note -- Chapter 14: Doing Deals -- Equity Planning for Ensembles -- The Number of Partners Is Important -- Consolidation Deals -- Beware the Minority Interest -- What Changes and What Doesn't -- Other Acquirers -- Finding Your Deal -- Note -- Chapter 15: The Future Belongs to Ensembles -- About the Author -- Index.