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78 PRACTICE MADE PERFECT

in definitions and expectations across practices. This hodgepodge is

symptomatic of an immature industry and makes the management

of staff a bigger challenge than it should be. A fundamental rule of

business management tells us to define the roles, expectations, and

accountability for each job so that we know what to evaluate and how

to manage performance improvement.

Multitasking is a concept long applied to owning and working

for a small business. Many entrepreneurs treat their staff as if they

were human fodder and just keep throwing bodies at the problem

in the hope of overwhelming their enemy, much the way the gener￾als fighting ancient wars did. Not much thought is given to what

the specific task is. As a result, it’s difficult to measure a staff’s

success.

Each job requires a different set of characteristics. That makes

it essential to define the nature of the job, how success will be

measured, and the qualities required to fulfill the job well. The

priorities of a job must be clearly spelled out so that the staff

knows which issues take precedent when interests and priorities

collide.

Depending on your strategy and client-service experience, jobs

may need to be defined in the areas of

! sales and marketing

! client service

! operations

! compliance

! investment advice and management

! risk analysis and management

! financial planning

! estate planning

! tax planning

The FPA Compensation and Staffing Study defines jobs in a

number of categories, as outlined below (see “Job Responsibilities”).

Some of these positions are more likely to be full-time jobs in larger

firms but may be just a part of someone’s job in a smaller firm. For

that reason, the study categorizes the jobs by function. A “job” may

ultimately be composed of multiple “functions.” Your firm may have