It's All About the Process

It sounds so simple and yet few of us do it...step back and take stock of how our firm works. That is, do we have written processes outlining all of the key operations of the firm?

That's the question, says Gary Davis Jr. of Beneficial Concepts Group (http://www.beneficialconceptsgroup.com/) in Stockton, N.J.--an operations management consulting firm that will act as both your COO and chief compliance officer). "Whereas most consulting firms focus primarily on the audit part of the work--letting the advisor know what's not working within their business--we go two steps further by implementing solutions and monitoring our implementation."

I asked Davis about his qualifications, his work, and about career paths for new entrants to our industry.

Drucker: Where does the training and experience come from to permit you to act as a financial advisor's operations and compliance manager?

Davis: I've worked in this industry and in operations and compliance my whole career. Before consulting, I spent several years running the day-to-day operations of two RIA firms. I've got a degree in financial planning and a masters in accounting and financial management.

Drucker: Why did you feel a masters in accounting would be beneficial, given what you do?

Davis: The RIA firms I worked for were owned by advisors who were CPAs. I didn't plan it; it just worked out that way. They were using terminology and referencing philosophies I was unaware of because I didn't have a strong background in accounting.

Drucker: So you worked in RIA firms but not as an advisor. Did you ever want to be an advisor?