Defining Performance Expectations - Business Management for Financial Advisers

Although certain individuals will likely perform more than one of the job functions described above, how will they know they’re doing so successfully if the expectations of the jobs are not clear? The job descriptions should address these questions:

What work experience, certification(s), degree(s), and tenure are required or desired?

  • What is the primary function of individuals performing this job?
  • How are they expected to spend their time in this job?
  • To whom will they report?
  • What is the technical skill set required to do this job well?
  • What will be the process for evaluation?
  • What are the criteria for measuring success?
  • Management responsibility for client relationships?
  • Revenue responsibility?
  • Business-development responsibility (internal, external, or both)?
  • Ability to complete work independently or with supervision?
  • Need to manage, supervise, or mentor others?
  • Volume or speed of work?
  • Number of hours worked?
  • Are there non quantitative criteria that will be part of the evaluation?

This detailed description will help clarify the hurdles that must be cleared and the performance standards that must be met in order for other candidates within or outside the organization to grow into the specific position. These performance expectations will also form the basis of the advancement guidelines and performance-based incentive plan.


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