Commonwealth’s Business Coaching Program Significantly Increases Participants’ Revenue
Waltham, MA (January 24, 2012)—Commonwealth Financial Network announces the results of its year-long Power in Practice business development coaching program. Forty advisors participated in the inaugural program, working together in two peer groups. Participating advisors generating between $200,000 and $475,000 in 2010 gross dealer concessions (GDC) increased 2011 revenue by a weighted average 24 percentage points more than advisors 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 percentage points more than those in a similar revenue range who did not participate in the program.
Power in Practice, led by Commonwealth’s managing principal of practice management, Joni Youngwirth, was designed expressly for Commonwealth advisors. The year-long intensive empowered advisors to lead their organizations toward their own specific goals, providing the infrastructure, guidance, tactical steps, and built-in accountability advisors need to refine their business plan and enhance their competitive edge.
“Our program was designed for the advisor who wants to evolve from a practice into a true business,” said Youngwirth. “Over the years, we have sponsored several business development programs, but none involved the structure and accountability that we required of our Power in Practice participants. We saw real results because the advisors had to answer to one another.”
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.
“I can now clearly articulate and track our goals, and I have a framework for taking action toward those goals,” said Jason Wheeler, wealth consultant at Pathfinder Wealth Consulting. “I was stuck in always trying to improve what we were doing and found myself spending 50 percent of my time working on the business instead of growing it. Power in Practice taught me how to focus my efforts and keep the time I spend on practice management to a manageable level. Instead of feeling overwhelmed, I now know the most effective ways to sort through the mass amounts of coaching ‘stuff’ that is out there and can bring order to the chaos.”
Power in Practice will continue in 2012 with 40 new participants. The program will empower the advisors to maximize their specific business strengths, gain business momentum, and realize their full potential.
About Commonwealth Financial Network
Founded in 1979, Commonwealth Financial Network, member FINRA/SIPC, and a registered investment adviser, is the nation’s largest, privately held independent broker/dealer, with headquarters in Waltham, Massachusetts, and San Diego, California. The firm supports more than 1,400 independent registered representatives nationwide and makes available a comprehensive array of financial products and services. For more information, please visit www.commonwealth.com.