A proper assessment of your business revolves around the frequency of serviceerrors, rising overhead expenses, compliance violations, declining client satisfaction, high staff and client turnover, lower profit margins and delays in getting things done right. Most advisors do not have a baseline against which to compare any of these data points, so initially you may be forced to set an arbitrary standard that is acceptable.
For example, you might tolerate no more than four errors a year that cost you money. Such errors may be the failure to execute a trade on a timely basis or to bill fees on the right amount of assets. After thinking about the types of mistakes you and your associates are inclined to make, you can install measures and training to minimize future failings.
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