Managing your practice by managing by exception
It is relatively easy for principals of smaller firms to keep an eye on everything going on in their business - each relationship, investment and account - and to identify situations that require attention.
For larger firms, however, it is impossible for any individual to be fully aware of every client and operational detail or, more importantly, be able to quickly recognize a condition that requires action from all of data generated daily.
As such, large firms have different practice management needs. They require tools and processes that monitor the state of their extensive operations and can identify - from vast amounts of data - the exceptional events that require attention.
Experts call this Managing By Exception (MBE), and successful businesses know that it's an incredibly powerful tool to efficiently isolate, analyze, and then fix items that are not tracking to tolerance. Adhesion refers to the workflow process behind MBE as "Find - Act - Resolve."
Find - Act - Resolve (FAR)
The FAR methodology is the core workflow principle woven throughout the new 3.0 release of the Adhesion platform. As a result, Adhesion 3.0 represents a FAR-reaching leap forward in Business Management for investment advisory firms.
Chuck Bowes, CFP, Principal
"We were looking for a Portfoliocenter outsourcing partner who could provide the technology and infrastructure to support our sophisticated investment management process."