Clients and Income per Month
5.4 ANALYSIS OF STATEMENTS ON PRACTICE MANAGEMENT PRINCIPLES
5.4.2 INDIVIDUAL STATEMENT ANALYSIS
“Presentation techniques which convey information in a professional manner”
had the highest mean score of 4.51. Table 5.20 below gives the results of all component statements.
5.4.1.7 Ranking of the Lowest Mean Score Statement from each Component
Table 5.21: Lowest mean score by component Statement
Number
Statement Lowest Mean Score 15
(Customer)
Discontinue customer relationships where value gained is less than the costs of maintaining the relationship
3.07 18
(Business)
An ability to recruit, develop, retain and lead
support staff 4.09
3
(Attributes) High emotional intelligence 4.23
8 (Skills)
Strong technical knowledge relating to product, legislation and macroeconomic factors
4.50 9
(Skills)
Presentation techniques which convey
information in a professional manner 4.50
ranking was to isolate the three statements with the highest or lowest mean scores regardless of the component to which they were attached. The results of this ranking are detailed in table 5.21 below.
Table 5.22: Mean score ranking of all statements from highest to lowest
Statements on Principles of Practice Management
Mean
2 Build relationships of trust 4.87
1 High standards of integrity and ethics 4.87
7 An ability to communicate with customers who are in different life cycle stages 4.63
6 An ability to communicate with customers who have different money personalities 4.61
20 Manage risk by ensuring compliance requirements are adhered to 4.57
12 Manage financial planning needs of customers on an ongoing basis 4.51
9 Presentation techniques which convey information in a professional manner 4.50
8 Strong technical knowledge relating to product, legislation and macroeconomic factors 4.50
4 Engage in continuous education 4.50
11 Engage in a consultative financial planning process with customers 4.44
5 Be entrepreneurial 4.37
19 Use technology to gain efficiencies 4.33
3 High emotional intelligence 4.23
10 Qualify new customers prior to proceeding with the financial planning process 4.19
16 Use strategic planning to develop a business plan 4.17
17 Develop a marketing plan that promotes competitive advantage 4.15
18 An ability to recruit, develop, retain and lead support staff 4.09
13 Obtain referrals for new customers from existing customers 4.08
14 Segment customers in the practice according to value and offer appropriate services to each segment 3.85
15 Discontinue customer relationships where value gained is less than the costs of maintaining the relationship 3.07
Colour Component Personal attributes
Personal skills Customer strategies Business strategies
The highest mean score of 4.87 was given to two statements, “Build relationships of trust” (statement 2) and “High standards of integrity and ethics”
(statement 1). The rating percentage of these two statements was above 97.3%. The second highest mean score of 4.63 was given to the statement “An
ability to communicate with customers who are in a different life cycle stage”
(statement 7). The rating percentage for this statement was 92.54%. The third highest mean score of 4.61 was given to the statement “An ability to communicate with customers who have different money personalities”
(statement 6). The rating percentage for this statement was 92.28%.
The lowest mean score of 3.07 was given to the statement “Discontinue customer relationships where value gained is less than the costs of maintaining the relationship” (statement 15). The rating percentage for this statement was 61.34% The second lowest mean score of 3.85 was given to the statement
“Segment customers in the practice according to value and offer appropriate services to each segment” (statement 14). The rating percentage for this statement was 77.08%. The third lowest mean score of 4.08 was given to the statement “Obtain referrals for new customers from existing customers”
(statement 13). The rating percentage for this statement was 81.68%.
5.4.2.2 Ranking of Standard Deviation Scores
All statements were ranked from the lowest to the highest standard deviation value regardless of the particular component of practice management to which they were allocated. Statement numbers were colour coded according to each component to provide a visual reference of the component. The objective of this ranking was to isolate the three statements with the lowest or highest standard deviation scores regardless of the component to which they were attached. The results of this ranking are detailed in table 5.22 below.
Table 5.23: Standard deviation value ranking of all statements from lowest to highest
Statements on Principles of Practice Management
StdDeviation
2 Build relationships of trust 0.50
1 High standards of integrity and ethics 0.50
12 Manage financial planning needs of customers on an ongoing basis 0.58
7 An ability to communicate with customers who are in different life cycle stages 0.59
4 Engage in continuous education 0.61
6 An ability to communicate with customers who have different money personalities 0.61
20 Manage risk by ensuring compliance requirements are adhered to 0.68
8 Strong technical knowledge relating to product, legislation and macroeconomic factors 0.70
9 Presentation techniques which convey information in a professional manner 0.70
11 Engage in a consultative financial planning process with customers 0.71
5 Be entrepreneurial 0.76
19 Use technology to gain efficiencies 0.78
17 Develop a marketing plan that promotes competitive advantage 0.82
10 Qualify new customers prior to proceeding with the financial planning process 0.82
16 Use strategic planning to develop a business plan 0.82
13 Obtain referrals for new customers from existing customers 0.85
3 High emotional intelligence 0.86
18 An ability to recruit, develop, retain and lead support staff 1.04
14 Segment customers in the practice according to value and offer appropriate services to each segment 1.05
15
Discontinue customer relationships where value gained is less than the costs of maintaining the
relationship 1.16
Colour Component Personal attributes
Personal skills Customer strategies Business strategies
The lowest standard deviation value of 0.50 was given to two statements “Build relationships of trust” (statement 2) and “High standards of integrity and ethics”
(statement 1). The second lowest standard deviation value of 0.58 was given to the statement “Manage financial planning needs of customers on an ongoing basis” (statement 12). The third lowest standard deviation value of 0.59 was
given to the statement “An ability to communicate with customers who are in a different life cycle stage” (statement 7).
The highest standard deviation value of 1.16 was given to the statement,
“Discontinue customer relationships where value gained is less than the costs of maintaining the relationship” (statement 15). The second highest standard deviation value of 4.63 was given to the statement “Segment customers in the practice according to value and offer appropriate services to each segment”
(statement 14). The rating percentage for this statement was 92.54%. The third highest standard deviation value of 1.04 was given to the statement “An ability to recruit, develop, retain and lead support staff” (statement 18).