Building High-Performing Teams: Build - TD Ameritrade€¦ · 1. Sourcing talent 2. Interviewing...

Building High-Performing Teams: Build

Sourcing and Onboarding the Right Talent


About This SeriesBuilding a high-performing team is critical to creating a successful advisory practice. For most advisory firms, people-related

costs account for 73% of a firm’s expenses.1 Unfortunately, many Registered Investment Advisors (RIAs) don’t have a clear methodology for managing human capital and building a high-performing team, making it far more difficult to find, nurture and retain valued team members. According to TD Ameritrade Institutional’s Advisor Index Survey, advisors cite better organization as a manager, delegation and communication as their top three challenges as people managers. In addition, 82% of advisors spend less than five hours per week on staff management and human-capital-related tasks.2

Conversely, top-performing firms achieve greater productivity from managing staff with a growth-oriented mentality, remaining lean, and hiring to support growth and profitability. Top-performing firms on average experience 78% higher revenues than their peers.3

Top Human Capital Firms3 All Other Firms3 % Difference (Top vs. All Others)3

Clients 273 208 +31.2%

AUM $220.0M $142.5M +54.4%

Revenue $2.0M $1.1M +78.8%

Revenue/Professional $507.5K $435.5K +16.5%

Revenue/Total Staff $194.3K $183.6K +5.8%

Pre-Tax Owner Income $350.1K $235.7K +48.5%

Operating Profit Margin 14.8% 12.9% +14.6%

When you invest time in finding the right people and provide them with resources that will help them succeed, you’ll be on your way to creating a firm that is positioned to thrive.

1 2011 InvestmentNews/Moss Adams Adviser Compensation and Staffing Study.2 Advisor Index Survey. TD Ameritrade Institutional, 2012.3 2010 Investment News/Moss Adams Financial Performance Study of Advisory Firms.

LeadBuildDesignAssess

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Building High-Performing Teams, developed in collaboration with Paragon Resources, is a series of modules and resources designed to help you assess, design, build and lead your human capital resources to maximize your productivity and achieve your business vision.

The series components are as follows:

1. Assess. The Assess guidebook focuses on helping you review your current team, take stock of your business and evaluate key considerations for expansion, including determining whether adding a new team member is warranted, and if so, giving you greater clarity regarding the role they would fill.

2. Design. The Design guidebook offers tips on making decisions about organizational structure, defining roles, crafting job descriptions, assessing current team members and, if appropriate, beginning the hiring process.

3. Build. The Build guidebook provides guidance on developing and maximizing your team’s human capital by presenting strategies for sourcing talent, onboarding and positioning the new team with clients.

4. Lead. The Lead guidebook presents tools you can use to enhance your management and leadership skills, helping to increase the engagement and retention of staff, streamline business operations, manage performance and implement effective team communication.

By reviewing the tools and resources in each of the four guidebooks in this series—Assess, Design, Build and Lead—you’ll be able to move through each step of the process in a straightforward, logical fashion. With this strategic approach to building a high-performing team, you’ll be able to make sure that you have the right people in the right roles engaging in the right activities, so that your business can reach its greatest potential.

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Table of ContentsAbout This Series .................................................................................................................................................................................... i

Introduction ..................................................................................................................................................................................................2

Sourcing Talent .........................................................................................................................................................................................2

Interviewing Process ..........................................................................................................................................................................4

Support Staff ..................................................................................................................................................................................4

Salesperson/Partner ...............................................................................................................................................................5

Asking the Right Questions ..............................................................................................................................................5

Behavioral Interviewing ........................................................................................................................................................7

Your Role in the Interview ..................................................................................................................................................7

Initial Partner Viability Topics for Discussion............................................................................................... 13

The Trial Period ..........................................................................................................................................................................15

Team Agreements ...............................................................................................................................................................................15

Onboarding Team Members..................................................................................................................................................... 17

Benefits of Onboarding ..................................................................................................................................................... 17

Onboarding Phases ............................................................................................................................................................... 17

Positioning the New Talent with Clients .......................................................................................................................19

Summary .....................................................................................................................................................................................................20

Appendix A: Partnership Viability Questionnaire ................................................................................................21

Appendix B: New Hire Onboarding Checklist ........................................................................................................23

Appendix C: Resources ................................................................................................................................................................25

Appendix D: About the Authors ............................................................................................................................................26

Building High-Performing Teams: Build | tdainstitutional.com 2

IntroductionIn this guidebook, the third in the Building High-Performing Teams series, the team is established and advisors are often looking to find lift and leverage by developing and maximizing their human capital. Sourcing talent, onboarding new employees and positioning new talent with clients are all challenges teams face in this phase of organization building. In fact, RIAs rank hiring as their top challenge relating to managing people—above developing staff, compensation planning and even firing an individual.4

But why? Hiring the right person for an open position should be easy, especially in an environment characterized by high unemployment and a growing number of job seekers. Many human resource professionals who recruit for organizations will tell you that there is a serious war for talent. It is imperative that you have the sourcing, recruiting and onboarding processes in place to succeed in this competitive landscape.

In the Build phase of Building High Performing Teams, you are provided with insights that are organized into the following four areas:

1. Sourcing talent

2. Interviewing for team member viability

3. Onboarding employees

4. Positioning the new talent with clients

Sourcing Talent Prior to sourcing new talent, you should first define the role you are looking to fill, the associated responsibilities and job description. For assistance with these tasks, access the Building High-Performing Teams: Design guidebook on Veo>Resource Center>Practice Management>Human Capital. Once these critical tasks have been completed, it is time to source your new talent. Sourcing is all about getting information about your open position out to qualified candidates or to professionals who can recommend qualified candidates to you. Many advisors source talent through traditional methods, including promoting from within, moving talent laterally within the business or finding talent at other advisory firms. However, there are many qualified individuals outside of the advisory industry who may also be a good fit for your firm.

SIX KEY STEPS TO HELP YOU SOURCE HIGH PERFORMERS:

1. Always be sourcing. Finding great talent is essential to a thriving business. As Jim Collins notes in his best-selling book, Good to Great, “it’s about getting the right people on the bus.” Philosophically, you should always be sourcing for new talent regardless of whether you have an open position. Two-in-five U.S. employers continuously recruit even when they may not have an open position, but in order to market to candidates in case a position opens up down the line.5

4 Advisor Index Survey. TD Ameritrade Institutional, 2012. 5 Talent Crunch Study, CareerBuilder 2012.6 Advisor Index Survey, TD Ameritrade Institutional, 2011.

About 38% of employers report that they currently have open positions that they cannot find qualified people to fill5 and 44% of RIAs feel there is a talent shortage in the financial services industry.6

38% 44%

More than 20% of RIAs look for future leaders from the pool of recent college graduates and 24% look for future leaders from professions outside of the advisory industry.6

20% 24%

41% of RIAs reported that continuous recruiting reduced their cost-per-hire, and 22% cited an average savings of $1,000 or more.6

41% 22%

NAVIGATING THE HIRING PROCESS

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72% of employers who do this said it reduced their time to hire, and of those, 41% stated that it has shaved off at least three weeks on average.7 You simply never know when a talented individual who can add to your business will cross your path. When this happens, take the steps to build a relationship and keep them in your network.

2. Be well connected. Often, your best talent will come as referrals through the chamber of commerce, centers of influence (COIs), clients and your personal network. Word of mouth can be extremely powerful when sourcing talent. Similar to asking for referrals, you want to be sure that these COIs really understand the kind of candidate that you seek so that they will send qualified people rather than those who will end up wasting your time. You can send a simple email, call them, or have breakfast or lunch with this select group of people to convey the essence of what you are looking for. This method helps those in your sphere realize how much you value their input. Depending on your network and how public you wish to be with your search, consider posting an open position or solicitation for talent on your LinkedIn personal profile or company page.

3. Set up a referral system. Instead of paying an agency, pay your employees a referral fee if they help you find your next new employee. If you employ this method, consider withholding payment until the new employee has successfully completed 3–6 months of employment.

4. Look inside first. Whenever you can, source talent from your existing employees. If you evaluate and develop your staff on an ongoing basis, you may be able to promote from within.

5. Use job boards. Many advisors worry that using job boards will result in too many resumes. Many job boards, such as CareerBuilder or Monster, now allow you to set criteria or questions an applicant must answer in order to apply. This ensures that you only get resumes from qualified individuals. Also, many job boards will allow you to search their databases of posted resumes without posting a job ad, allowing you to search for the type of person you want on your timeframe as opposed to receiving resumes.

Tip: By the very nature of their work, recruiting agencies are typically expert in interviewing and assisting you during the selection process. If you choose this sourcing route, be sure to select an agency that understands the financial services industry and your specific needs. You will want to share your finalized job descriptions, including the core functions and key attributes needed to succeed in the role.

6. Use a recruiting agency. This option is the most expensive in terms of cost but can be the most efficient. Recruiters will pre-screen candidates, ensuring you only meet with qualified candidates.

Tip: Consider asking a senior professional from within your firm to help screen candidates and schedule interviews. Phone screens can be helpful to ensure you maximize your time with the best pool of available talent.

7 Talent Crunch Study, CareerBuilder 2012.


As the resumes come in, examine them against the job descriptions you have drafted. Ask yourself:

ڦ Does this candidate have the necessary technical skills, licenses and certifications?

ڦ Did the candidate provide me with an error-free snapshot of their experience? The effort and attention to detail that they put into creating the resume is likely to be a reflection of their potential work product.

ڦ Did the candidate attach a customized cover letter speaking specifically to my open position? This serves as a measure for how interested the candidate is in the position.

ڦ Does the candidate have the experience to handle typical situations presented at your firm? How much time are you willing to spend teaching fundamentals when there are candidates who have learned them at other businesses and can even bring new, innovative ways of doing things to your firm?

ڦ If the candidate worked at X and Y businesses, from what I know about these businesses, will the candidate be happy working for me?

ڦ Does this candidate have an owner’s mentality? For example, does the candidate have a bullet on their resume that says, “created marketing materials that were sent out to prospects” or “created marketing materials that yielded 12 additional consultation meetings with prospects and three new clients”?

Interviewing Process

Support Staff

Having sifted through resumes and developed a list of potential candidates, consider conducting your first interview via the telephone with the goal of screening or pre-qualifying candidates. Unless you are filling a position that requires a person to work solely on projects, tasks and numbers, and never speak to your clients, a phone interview will give you an opportunity to experience the initial impression of how they verbally communicate. Compile four or five initial questions that will further qualify them as a candidate. If they pass with flying colors, you can establish the first in-person interview. If they fail to meet your expectations, you have only used up 10 minutes of your time rather than an hour in the office.

During in-person interviews, be sure to use a variety of questions that not only help you better understand their background and skill set, but also delve into who they are as a person. Behavioral questions are specific, easy-to-apply examples of behaviors that demonstrate competency and proficiency levels. They serve as standards against which to compare the candidate’s responses. A process and bank of questions is included in the Effective Interviewing Techniques and Best Practices tip sheet on page 9. Conduct at least two in-person interviews, and if appropriate make sure that all current team members have a chance to meet and sit down with

Phone Screening

Team Interviews

In-Person Interview 1

Make Offer

Assessments

In-Person Interview 2

Onboarding

1

4

2

6

5

3

7

INTERVIEWING PROCESS

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the final candidates prior to extending an actual offer. Asking your final two or three candidates to take assessments will also help ensure suitability from a skill set and team chemistry perspective.

Salesperson

If you are seeking a salesperson or looking to bring on a partner, the initial process may be a little different than searching for a support team member. Conducting due diligence prior to forming a partnership is vital to its ultimate success. Successful partnerships work because they are well planned and designed.

It is very important for partners to be able to clearly and definitively answer a key question: “Why do you need the other person to succeed or win more business?” For some, saying, “I need another person” is difficult; for some in this business, it is impossible. Partnerships are like marriages. You want to be sure to do a lot of dating before you jump into a long-term commitment, and keep in mind that it’s a good idea to consider a prenuptial agreement before you commit (just in case things don’t work out). In Appendix A, you will find a detailed Partnership Viability Questionnaire to help you address pertinent issues when seeking a business partner.

Asking the Right Questions

Let’s look at the interview from a high level. You have 30 to 60 minutes to draw conclusions about whether the candidate is right for the role without actually watching them perform. Therefore, asking the right questions is critical. You cannot conduct and

Assessment Resources

There are numerous assessment resources you can leverage to help you better

understand your team members and dynamics. The following are a few you

may consider:

ڦ Myers Briggs: A psychometric questionnaire designed to measure psychological

preferences in how people perceive the world and make decisions.

ڦ Kolbe: Uses four Action Modes to measure an individual’s creative instincts and

problem-solving style to describe the natural tendencies for “how you do what

you do.”

ڦ Financial DNA: Leveraging their Business DNA solution, business leaders and

their teams can navigate the human differences in their business by discovering

and aligning the different communication styles, behaviors and solution

preferences of their diverse employees.

ڦ DISC: Uses four dimensions—Dominance, Influencing, Steadiness and

Compliance—to measure observable behavior and emotions to describe the

natural tendencies for “how you do what you do.”


COMMON EFFECTS OF A BAD HIRE8

Percent of companies that say bad hires result in the following negative outcomes

Less productivity 41%

Lost time to recruit and train another worker 40%

Cost to recruit and train another worker 37%

Employee morale negatively affected 36%

Negative impact on client solutions 22%

Legal issues 9%

8 CareerBuilder, 2011.

assess an interview based on the candidate’s handshake and interpersonal skills alone. You need to go back to the job descriptions and competencies you identified as critical to the role and gauge how the candidate measures against them.

There are a number of competencies you may consider addressing during the interview process. This will help you determine cultural fit with your team.

ڦ Values and beliefs. These questions will help you delve into the candidate’s true motivators and why they do what they do. You should ask about their values and principles in the industry, in business and in life.

ڦ Clientele. If you are bringing on an advisor with an existing book of business, you want to make sure that their clientele fits with yours. Questions concerning the number of clients, the average size of relationships and how they define their ideal client relationship will help you gain a better understanding of whether the client bases will jell. If you are hiring a support person, asking questions about how they would handle certain client situations will also help you identify if they are the right person for the role.

ڦ Strengths and challenges. This, of course, is more obvious and a standard part of any interviewing process. Remember, you want to find people who have different strengths than yours; they need to complement you. Avoid

THE COST OF A BAD HIRE8

Tip: Consider asking each candidate interviewing for a specific role the same set of questions so that you can evaluate them on a consistent basis.

A bad hire can significantly affect your bottom line and be an emotional drag on the culture of your firm. Why is this important? According to CareerBuilder, more than two-thirds of employers said they were affected by a bad hire in the past year (2011); this percentage is on par with 2010. 41% of companies that made a bad hire estimate that it cost them more than $25,000 and one in four said it cost them more than $50,000.8

$25,000+ 41% of firms say that a single bad hire cost them more than $25,000.

$50,000+25% of firms say that a single bad hire cost them more than $50,000.

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bringing on people with the same talents as your own. Understanding their challenges will also help identify if they are right for your business and the job at hand.

ڦ Career goals. Questions regarding the candidate’s short- and long-term career goals will help you gain insight into their future plans and whether they are likely to be a short-timer or an extremely loyal long-term associate.

ڦ Investment style and beliefs. When bringing on another advisor with an existing client base, you want to ask questions that allow you to get to their investment style. Typically, you are looking for similarities here. You want a partner to have the same basic philosophy about the markets and investing.

ڦ Culture fit. When considering bringing on another advisor, you need to consider their relationship with other staff members or strategic partners. Will they work well within your existing team?

You are not only trying to find the right talent for the role, but also an individual who will fit into the culture that you have created within the business. By understanding their work preferences, you can help avoid misunderstandings and unmet expectations.

ڦ Passions and interests. Understanding what a person enjoys outside of work hours will help uncover commonalities among existing team members and, if they are the right person for your business, can help set the stage for some customized appreciation later on. (For example, if they have a passion for fishing or wine, you can give them something you know they will appreciate during bonus seasons or when they go above and beyond in the workplace.)

Behavioral Interviewing

The most insightful interviews assess past performance to develop an understanding of how the individual will perform in the future. Behavioral interviewing is a method of questioning that provokes the candidate to answer with a story to describe how they approached a situation in the past.9 Instead of asking, “How are your time management skills?”—a question to which the interviewee is likely to have a canned or assuring response—ask, “Tell me about a specific time when you were feeling overwhelmed at work. How did you prioritize?” Here, you are asking the candidate to provide evidence for how he or she has behaved in the past. Does his or her past behavior sound like it would yield success in the role you have open on your team? If the candidate does not have a specific, well-defined answer, it is possible that he or she has not had the experience performing in a fast-paced, dynamic, work environment. Please reference the bank of questions in the Effective Interviewing Techniques and Best Practices tip sheet, on page 9, to help you craft your list of behavioral questions.

Your Role in the Interview

9 The Pros and Cons of Behavioral Interviewing. CareerBuilder 2011.

Note: Be sure to check with your HR expert on understanding the ever-changing questions that can and cannot be asked during the interview process.


EVALUATE THE CANDIDATE

Besides asking the questions, your role is to evaluate the potential new hire objectively and consistently. Your focus should be on assessing and evaluating rather than looking for ways to drive the conversation forward. As a result, have your list of questions prepared. A beneficial technique that many organizations use is to create an interview guide that provides structure around the interview.

Tip: List the key competencies or items that are critical to the position. List two or three related behavioral questions beneath the competencies and leave room so you can take detailed notes.

After the interview is over and the candidate has left, take 15 minutes to complete your notes and re-read those you took in the interview. Compare your notes with other members of the firm who may have interviewed the candidate and assess the individual. This is a great way to provide consistency around interviewing, especially if you have multiple interviews scheduled across multiple days. The guide enables you to cover all of the points you intended to and provides a strong record to refer back to during the decision-making process.

The candidates are doing their best to sell themselves to you—you should be promoting your business as well. The interactions that you have with a candidate in the interview process play a big factor in whether they will accept the position you offer them. Over half of the employers who recruited new employees in the last year reported that a candidate rejected their offer. The rejection could have been due to many factors, but 15% of employees report having a worse opinion of the employer after they were contacted for the interview.10 Even if you do not intend to hire the person in the chair across from you or on the other side of the phone, this candidate is a potential client or advocate of your business. Here are some reasons why your firm should be at its best when interviewing clients:

ڦ 32% of job seekers indicate they are less likely to purchase a product from a company that did not get back to them in regards to their application.

ڦ 75% of job seekers said they would talk about a bad recruiting experience with friends and family.

ڦ 17% of job seekers say they would post something about the negative experience on social media.

ڦ 6% of job seekers said they would blog about it.10

The bottom line is you should be conducting your interviews in a manner similar to how you conduct your meetings with prospects. You will find that the best interview candidates (those who are serious about the position and excited about the work) are also the candidates who are most likely to be interviewing you as an employer.

10 CareerBuilder, 2012.

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EFFECTIVE INTERVIEWING TECHNIQUES AND BEST PRACTICES

Pre-Interviewڦ Prepare, prepare, prepare.

ڦ Review the job description and specific job responsibilities that you created for this new role.

ڦ Create your list of questions and what you want to accomplish in the interview; choose questions that will provide insight into their talents for the open position, but also ask behavioral questions that will provide insight about who they are on a personal level.

ڦ Choose from the question bank provided based on your defined need.

ڦ Role dependent—some advisors like to provide candidates with some thought-provoking questions prior to the interview, and then ask additional questions during the interview to get their gut reactions to see how they would handle a specific job.

Interviewڦ Depending on the role for which you are hiring, the first interview is often best conducted via the phone. If the candidate is not strong on the phone, then you will be able to save time through a quick initial screening.

ڦ Take good notes throughout each interview so that you can have the information to perform an “apples-to-apples” comparison as you narrow down your field of candidates.

ڦ Have key team members participate in interviewing any potential candidates to ensure “buy-in” from all before making an offer.

Post-Interviewڦ Use an assessment resource prior to making the final offer, such as DISC or Kolbe. This allows an unbiased tool to help confirm that the candidate has both the right skill set for the job and the right chemistry for your existing team.

ڦ Be consistent in your hiring process and do not rush the process.

Tip: There are questions that are considered legally inappropriate to ask. Hiring decisions should not be based on race, sex, marital and family status, pregnancy, age, handicap, national origin, religion, arrest record, association with present employees, citizenship, sexual orientation, commuting distance or political affiliation.

QUESTION BANK

Establishing Comfort

ڦ Would you like some coffee or a glass of water?

ڦ How was your commute to the office?

ڦ Where do you live?


QUESTION BANK

Industry/Company Knowledge

ڦ What do you think about the current state of the financial services industry?

ڦ What important trends do you see in our industry?

ڦ How do you stay up-to-date on industry knowledge/changes in our industry?

ڦ Do you have a passion for this industry? Describe why.

ڦ What do you know about our company? What is your overall opinion of our company?

ڦ What do you feel is our biggest advantage over our competition?

Problem Solving

ڦ Tell me about a time when you had to go above and beyond the call of duty in order to get a job done.

ڦ Give me an example of a time when you had to make a split-second decision.

ڦ Give me an example of a time when you had to come up with a solution to a problem that you did not fully understand.

ڦ Tell me about a difficult decision that you’ve made in the last year.

ڦ Describe a situation where you failed to reach a goal.

ڦ How did you handle a recent situation where the direction from your superior(s) was unclear?

People Skills

ڦ Describe a situation in which you were able to use persuasion to successfully convince someone to see things your way.

ڦ Describe a situation in which you had to arrive at a compromise or guide others to a compromise.

ڦ Give me an example of a time when you motivated others.

ڦ Give an example of when you had to work with someone who was difficult to get along with. Why was this person difficult? How did you handle that person?

ڦ What have you done in the past to contribute toward creating an environment centered on teamwork?

Task/Project Management

ڦ Tell me about a time when, without being asked, you took it upon yourself to accomplish a task on the job.

ڦ Tell of some situations in which you have had to adjust quickly to changes over which you had no control. What was the impact of the change on you?

ڦ Describe a situation that required a number of things to be done at the same time. How did you handle it? What was the result?

ڦ How do you plan your week? How do you plan your day?

ڦ Have you ever worked in a place where it seemed to be just one crisis after another? How did you handle it? How did you feel?

ڦ Do you consider yourself a multi-tasker? (Lots of different areas; prioritization; organization; drop one ball and run with another.) Or, do you prefer to take one thing at a time through to completion?

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QUESTION BANK

Detail Orientation

ڦ Give me a specific example of a time when you used good judgment and logic in solving a problem.

ڦ Give me a specific example of a time when you had to conform to a policy with which you did not agree.

ڦ Describe a situation in which you found that your results were not up to your professor’s or supervisor’s expectations. What happened? What action did you take?

ڦ Recall a time when you were assigned what you considered to be a complex project. Specifically, what steps did you take to prepare for and finish the project? Were you happy with the outcome? What one step would you have done differently if given the chance?

ڦ Do you consider yourself to be organized? Give examples of organization.

ڦ Do you consider yourself to be detail-oriented or a “big picture” visionary? Give an example of your attention to detail.

Regarding the Position Available

ڦ What do you know about the position for which you are applying?

ڦ Based on my description of the opportunity here, what about the position excites you?

ڦ Do you have any concerns about the position here?

ڦ What would you say are the three main aspects (or priorities) of this position?

ڦ Why do think you’re right for the position?

ڦ How quickly do you feel you can contribute to this organization’s success?

ڦ Your resume suggests that you may be overqualified for this position. What do you think?

ڦ Financial expectations: What kind of salary/total compensation do you expect? (What was your previous base salary? Were there bonuses? Commissions? Benefits?)

ڦ What career options do you have at this moment?

Current/Previous Job/Career Position

ڦ What are/were your responsibilities?

ڦ What features do/did you like best about your current position/previous job?

ڦ What do/did you like least?

ڦ Describe a typical day.

ڦ How are/were you measured? Do/did you do a good job? How do you know?

ڦ What steps do you take to ensure that you are doing your best?

ڦ What has been your biggest accomplishment?

ڦ What is/was the most stressful factor in your current/previous position?

ڦ What do/did you like most and least about your current/previous supervisor?

ڦ What would your current/previous supervisor say about you?


QUESTION BANK

ڦ How and with what frequency do/did you communicate with your current/previous supervisor? What communication style is most comfortable for you?

ڦ What were the high points and low points of your last performance review? In your opinion, was this a fair evaluation?

ڦ How would you rank yourself amongst your peers?

ڦ What titles and responsibilities have you held in the past?

Leadership

ڦ Do you consider yourself to be a leader?

ڦ Who do you consider as a strong leader or mentor in your life and why?

ڦ How would you characterize your leadership style? Please provide an example.

Technology

ڦ What is your technological background?

ڦ What programs are you comfortable using? (Be sure to ask about the software programs that your company uses.)

ڦ Did you visit our website prior to this interview? If yes, what did you learn? What would you improve?

ڦ Do you prefer to teach yourself how to use a new program or attend a training event?

ڦ Do you believe that you fully use the technology that you know or is there room for improvement?

General

ڦ What are you currently doing to improve yourself?

ڦ If you had to describe yourself with just three words, what would they be?

ڦ Now, if you had to choose just one of those words, which would it be?

ڦ What motivates you?

ڦ How do you define success?

ڦ What are your short-term and long-term career/personal goals?

ڦ What are your strengths/weaknesses?

ڦ What is your learning style? Communication style?

ڦ What are you doing now to attain a goal that you have set for yourself?

ڦ What regrets, if any, do you have? A failure? What did you learn from that failure?

ڦ If you could start your career over again, what would you do differently?

Depending on the Initial Answers to the Above Questions, Secondary Interview Questions Might Include

ڦ How did you deal with…?

ڦ What was the outcome?

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Initial Partner Viability Topics for Discussion

INTRODUCTION

Conducting due diligence prior to forming a partnership is vital to your ultimate success. Many partnerships fail because they were ill designed and not well thought through prior to forming.

It is very important for partners to clearly and definitively answer a key question that should be asked in all partnership viability discussions: “Why do you need the other person to succeed or win more business?” For some, saying, “I need another person” is difficult; for some in this business, it is impossible. Partnerships are like marriages. You want to be sure that you do a lot of dating before you jump into a long-term commitment. Keep in mind that it’s a good idea to consider a prenuptial or “pre-partnering” agreement before you commit (just in case things don’t work out). In this resource, you will find some initial discussion topics for forming a partnership or a strategic alliance with another professional.

BEST PRACTICES

Set up a lunch meeting with your candidate. During the first encounter, you want to establish that trust, honesty and open communication are as important to your potential partners as they are to you. You want to make this initial personal connection and get to know them by uncovering their interests and passions. You also want to begin to learn about their current practice, clients, process, philosophy and style, along with current personal and business strengths and challenges. Below are some suggested topics of conversation during this fact-finding mission.

ڦ Values. This is one area where you are looking for similarities. The success of your practice is founded on your basic beliefs, values, and principles of your business, client relationships and family. It is important that the individual you partner with shares your beliefs and values. This will help build a strong foundation and increase your chance of success.

Note: These questions have not been approved by any human resources professional. Please check with your appropriate resources for current rules and regulations. Visit the Equal Employment Opportunity Commission at www.eeoc.gov for more information.

QUESTION BANK

ڦ How did it make you feel?

ڦ What did you say or do?

ڦ What are some examples?

ڦ Tell me more…

Inappropriate Topics

ڦ Age

ڦ Marital circumstance

ڦ Disabilities

ڦ Sex and physical appearance

ڦ Citizenship or national origin

ڦ Religion

ڦ You can ask about convictions but not arrests


ڦ Clientele. Defining and understanding your ideal client relationship is a key ingredient to your success, regardless of your style of business. Therefore, if you are considering partnering with someone with an existing book of business, it is important to understand their niche, their target audience and their current clients. It is important to ask yourself, “Would I enjoy working with this type of client and would my potential colleagues enjoy working with my specific clients?”

ڦ Strengths and challenges. In order to leverage time and talent and help ensure that one plus one equals more than two, you need to search for a partner who has different strengths than you. If your talents reside in new client acquisition (rainmaking), then you should consider aligning yourself with someone who enjoys the relationship management aspects of the business. By joining forces with others who bring different strengths, you can build true synergy. A team must address all aspects of the business. If in going through the first meeting you discover that you and this advisor have identical strengths and/or challenges, then partnering may not be the best option to take your businesses to the next level of success.

ڦ Current and future plan. It is important to gain insight into your potential partner’s current personal life, business plan and future objectives. Asking questions about their vision, mission, goals, strategies, how they spend their day, celebrate successes and evaluate their progress towards their goals are all important as you consider your future partnership. Business succession is often a critical part of these conversations.

ڦ Processes and wealth management style. Evaluate processes and wealth management style compared to your own. You may have learned a little about their planning process in the section above, so here you can ask questions about their investment or wealth management process, as well as their client acquisition, client development and operational processes. Do they have a defined value proposition and sales process? You want to learn about their selling process and how they tell their story to prospects and clients. Do they have an organized and systematized service model? If so, include questions around their client communication and appreciation plan.

ڦ People. Do they currently have a team? Are they internal or external or a combination of both? What are their strengths and weaknesses? In addition, discuss any thoughts on how they would fit into the newly expanded team.

ڦ Passions and interests. Take the time to get to know them on a personal level and uncover their true passions and interests. Ask about their hobbies, pursuits outside of work and their family. You want to uncover their personal life motivators.

15


The Trial Period

Tip: We do not recommend setting a trial period for support staff. Instead, we suggest setting clear objectives for support staff roles and assessing performance against those objectives early on. While new employees need time to settle into their role, it is never too early to set the stage for these ongoing coaching conversations.

Partnership trial period. Once you have found a partner with shared beliefs, values and investment style who can help you fill the gaps within your business, consider moving forward with a trial period. Establish a trial period to avoid or deal with any unforeseen challenges before putting a formal agreement in place.

Trial agreements are typically six-to-nine months in length to allow you to make an objective assessment of the alliance. During this period, you should commit to some specific goals and a plan of action. Your plan may include introductions to your respective clients as well as strategies, processes and activities that you will need to implement in order to accomplish your defined goals. Be realistic; it will take some extra time to get to know each other and begin to work well together.

You determined the roles in the earlier stages of the due-diligence process and goal setting. You chose a potential partner with complementary talents—someone who can fill the gaps that you identified in your practice, and who is strong where you are challenged. Make sure as you enter this trial period that you stick to the roles that will maximize the team or the full potential of the partnership may not be realized. For some it means shifting areas of control, and for others it means adjusting old habits. During this period, open and honest communication is essential. Establish regular meetings to check-in, measure progress against goals and discuss challenges.

At the end of your trial period, it is paramount to sit down and evaluate your results. From a qualitative and quantitative perspective, did your trial period succeed? Look at the goals you set and honestly evaluate your results, both from an individual viewpoint and a joint or team one. Do you want to move forward with or dissolve the relationship? If, during the trial period, you have not attained your goals or do not feel the compatibility factor is there, the decision is obvious. You either need to begin the search for a new partner or re-evaluate being a sole practitioner. If, on the other hand, the trial was successful, you can move into the next phase and create a formal agreement.

Team Agreements A team agreement is vital to the ultimate success of your business if you choose to bring on a partner. Regardless of your chosen structure, you will want to review the core elements of a team agreement and make sure that you document expectations of all team members.


Partnership agreements. For partnerships, a formal team agreement should start during your trial period and be adjusted where appropriate. Partnerships have added complexity. Therefore, it is even more important to have a legal agreement that clearly articulates the details of your relationship so that each individual and business is protected. Each partner will need to consult with legal counsel and a compliance expert prior to entering into a long-term agreement.

Your formal agreement should include elements such as:

ڦ The purpose of the agreement.

ڦ Specific roles and responsibilities.

ڦ The values of the business.

ڦ Operating practices.

ڦ Compensation (including salaries, revenue splits and bonuses).

ڦ Term of the agreement for both the trial period and long-term formal agreement.

ڦ Non-solicitation or non-compete rules.

ڦ Dissolution terms—having an exit strategy upfront is prudent. Include both voluntary dissolution as well as automatic dissolution based on death, disability or retirement.

Team support staff member agreements. Similar to the partnership agreement, you want to make sure that you set the stage for long-term success with your support staff. Similar to client relationships, longevity is often founded upon how well you meet, fall short of or exceed their expectations. Of course, this works both ways. Your associates need to at least meet your expectations in order to stay employed. Thus providing an agreement up front will help ensure that all expectations are discussed and documented in writing. The team member agreement should include:

ڦ Business mission and vision

ڦ Organizational chart and key contact information

ڦ Specific job description, responsibilities and expectations

ڦ Compensation and benefits

ڦ Business HR policies

ڦ Training and development opportunities and expectations

ڦ Client service policies

ڦ Communication standards (phone, voicemail, email, team meetings, etc.)

ڦ Operating procedures

ڦ Any safety and security policies

ڦ Code of ethics and standards

ڦ Any legal, compliance and privacy policies

Consider providing each team member with an Employee Handbook outlining these elements.

17


Onboarding Team MembersSimilar to your client onboarding process, you should have a process to bring on new team members. Onboarding is the process of engagement that begins at the first interaction with a potential new hire and continues for 12 to 18 months after they have joined your firm.

During the recruiting and hiring phase, you have presented your business, your culture, your benefits and the new hire’s responsibilities. The onboarding phase is the bridge for you, the business owner, to deliver on the expectations and commitments made during the recruiting phase. You invested much of your time to find the right team member; it is now time to set the stage for success and longevity.

The onboarding process should include communication, education and appreciation elements. The first day of employment for your new hire is the right time to begin executing on the ideal employee experience.

Benefits of Onboarding

As you expand your business by adding new team members, consider designing an onboarding process to include training, tools and resources to accelerate their time to peak productivity. Additionally, an effective onboarding process decreases turnover, increases retention and enhances job satisfaction. The employee feels more comfortable in their new role and subsequently happier, fulfilled and confident in executing their daily responsibilities. A systematized onboarding process can help you reduce costs as well as improve compliance and security for your practice. The first six months of the new team member relationship is critical. Your actions during this time frame set the stage for longevity and the proclivity of each new hire to have a positive experience and provide positive PR to everyone in their life, thus strengthening your brand in the local community.

Onboarding Phases

Below are the four critical phases of the onboarding process:

ONBOARDING PHASES

Pre-Offer

During this phase, first impressions are formed. You want to make a positive but realistic impact on your potential employee’s understanding of your expectations. Use this opportunity to actively gather personal as well as professional information. Should you choose to extend an offer, you want to get to know them as much as possible to tailor the employee experience where possible. You will want to customize your appreciation to them based on their personal passions and interests just like you do for your best clients. Additionally, you should have multiple people from your organization interview new candidates. Buy-in from current staff is important if you are to continue the synergy you have already developed. Lastly, it is critical during this time frame to actively manage the candidate’s expectations—communicate honestly, clearly and openly about the role, the business and the people.

Pre-Offer Day OneOffer Orientation

Get to Know

Team Buy-In

Extend Offer


ONBOARDING PHASES

The first day should be overwhelmingly welcoming. You want to ensure that on their arrival, their office/cubicle, desk, computer and phone are all set up and in working order. Basic supplies should be neatly presented in their workspace. This could include new business cards, stationery, office supplies and so on. You might want to have a “Welcome Kit” on their desk that includes items such as: welcome letter signed by entire staff, copy of their job description, copy of their benefits package and any other paperwork that requires a signature, including an Employee Handbook if you have one. Other items to share include important contact names and numbers, links to key resources that they will need online, your code of ethics, and a menu of the processes for your business, as well as professional development opportunities. Note that you should avoid information overload by cramming too much into the first day. Be sure to explain that you will bring them up to speed over a period of time. Once they have settled in, take them around the office and make introductions. You may also consider hosting an informal breakfast or lunch.

Office Set Up

Offer Letter

Introductions

Employee Handbook

Job Description

Navigating the Organization

Key Contacts

Site Tour

Learning the Role

For many firms, orientation is a one-day event and typically includes a comprehensive tour and company education. The most successful orientation programs involve a combination of in-person and technology-driven delivery methods that last over a period of up to three months. A well-designed series of on-demand learning modules that can be reviewed at their convenience may also be included. If you provide too much in a one-day program, people often get overwhelmed and retain very little information.

Orientation programs, whether they take place over one day or multiple days in the first three months, should have two defined sections. The first is organizational—this includes broad-scale information that applies to everyone regardless of their role. The second is role-based—this includes information specific to their position. Organizational content may include elements such as firm vision, an introduction to the firm structure, executive team and key personnel, the company’s approach to the markets, the firm’s client service policies and expectations, and specific HR or compliance information. This section of orientation should solidify the organizational goals and familiarize new employees with company terms. The customized role-based part of orientation should include training and development opportunities, functional responsibilities and expectations, resources available to help a team member execute on their role, and introductions to pertinent internal or third-party resources. This portion of your program is most critical to successful onboarding.

During the offer phase, you want to provide detailed and relevant company information including the values, beliefs, ethics code and best practices of your business. You need to customize your new employee package to the specific role by providing a detailed job description with specific responsibilities. In addition, provide the candidate with detailed information on benefits, insurance policies, retirement plan and vacation time. Consider inviting the candidate in for a site tour and introductions to the rest of your team who may become their colleagues should they accept your offer. Be sure that expectations are understood during this phase.

(Note, if your recruit accepts the offer, you need to make preparations for their first day, orientation, etc. Give yourself enough time to be able to deliver a welcoming onboarding experience.)

Offer

Day One

Orientation (Day 2–90)

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Remember, one size does not fit all. A segmented, onboarding program for (a) sales associates and (b) support associates can help you deliver a customized experience which can drive employee engagement from day one. Just as you may have a service model for your varying levels of client segments, you should also have an internal service model for your team. This document should outline your commitment to your associates, your communication plan, appreciation benefits and all offerings. You should be sure someone in your business [typically the Chief Operations Officer (COO) or Chief Administrative Officer (CAO)] is measuring your onboarding success, turnover, satisfaction levels, time to full productivity and so on. The onboarding process is your opportunity to create confidence in the working environment that you offer. New associates will feel a culture of caring for others, which will result in feeling confident with their career choice, proud of the organization that they are affiliated with and fully engaged in giving their best at work. Delivering on the ideal employee experience reflects how important they are to your business success, and treating your employees well will lead to them treating your clients well.

Positioning the New Talent with ClientsHaving spent time, energy and money expanding your organization, you will want to maximize your results by appropriately positioning your new, improved team with your clients. Bringing on a new team member provides you with the opportunity to reconnect with your best clients, respond to their concerns or needs, and reinforce your role as a trusted advisor.

Reconnect. A common client complaint in our industry is, “I don’t hear from my financial professional often enough.” Expanding your team provides yet another opportunity to connect with your clients and validate the choice they made to work with your firm.

Respond. This is also an opportunity for you to reaffirm your value proposition. When adding a team member, it is important to explain to the clients how they may benefit from your expansion. Perhaps some of your clients have reached out to you in the past because they were curious about a product or service. Expanding your team may be a response to those inquiries and reflects your dedication to their needs. With your team expansion, you have a great chance to retell your story so they understand the totality of what you do for them and what you can offer them to fulfill their needs.

Tip: For a more detailed checklist of the suggested tasks related to the first 30 days of new hire onboarding, visit Appendix B: New Hire Onboarding Checklist.

Post-orientation, the onboarding process continues until their first year anniversary or for some firms, 18 months. During this time period, you will want to actively demonstrate your commitment to new team members and fulfill the promises of the pre-offer and offer phase. Set regular meetings (e.g., monthly) over lunch to check in with them, ask questions, acknowledge their efforts and report on their performance against set expectations. Consider implementing an annual or semi-annual staff survey to solicit feedback from new associates and continue to refine your onboarding process.


Reset. Remember, the success of long-term client relationships is based on whether you meet, fall short of or exceed your clients’ expectations. Expanding your team provides a reason to meet with your clients, reintroduce the entire team, and reset those all-important advice, service and performance expectations.

Proactive client communication to introduce your newly expanded team is a best practice employed by advisory firms. Creating a segmented plan can help ensure that the team is delivering the highest level of service to top clients and spending the most time with the best clients.

Although all of your clients—top, middle and lower tiers—should receive a resource introductory letter, perhaps you should invite your top-tier clients to a welcome reception or an open house to introduce your new team member(s). Your newsletter and your website provide other great media to communicate with your clients. You will also need to update your marketing materials, brochures, bios and profiles to reflect your newly expanded team. Finally, a press release to local media channels can provide additional exposure for your business.

Regardless of your choice of delivery, be sure that your client communications include defined roles for each team member so clients know who to contact and for what purpose. They should also include an overview of your unique value proposition so that they understand the totality of what you offer, and updated marketing materials which reflect your team and your services. Additionally, make sure that this is not a one-time communication. Your ongoing client communication plan should reinforce these positive improvements to your business and team.

SummaryThe cost of a bad hire can be significant and may also cause a loss of productivity. As an advisory firm looking to expand your team, it is important that you focus your efforts on sourcing, vetting and onboarding the right talent for your firm. Equally as important is how you position your newly expanded team with your clients. This is your opportunity to show them you are investing in your business to provide comprehensive advice that fits all of their financial needs and deliver exceptional service.

Tip: If you haven’t already segmented your book of business, use TD Ameritrade Institutional’s Client Segmentation Guidebook and Excel Tool which can be accessed on Veo>Resource Center>Practice Management>Client Service.

21


Appendix A: Partnership Viability Questionnaire

Instructions

Below is a list of questions that you can use in your discussions with potential partners who have existing clientele. Here is what we suggest you consider doing to get started:

ڦ Edit the list to fit your needs and style. When doing so, consider your overall business and personal goals and what you need to achieve those goals.

ڦ Once you have identified the important questions that you want answered, answer them for yourself before meeting with anyone.

ڦ Provide the questionnaire to the person you are considering for partnership and ask them to review the questions, adding their own as they see fit. These will help facilitate your future discussions.

ڦ Get together for lunch and share your thoughts and responses. Your respective answers to the compatibility questionnaire will help you determine the potential viability of joining forces.

ڦ Each of you should complete some objective, third-party assessments, such as DISC or Kolbe, to provide additional insight.

COMPATIBILITY QUESTION BANK

Values and Beliefs

ڦ What are your basic beliefs, values and principles for your industry, business and life?

Clientele

ڦ Do you serve a specific target market or niche market? What does that market look like?

ڦ How do you define your ideal client relationship?

ڦ Do you require a minimum account balance for your client relationships?

ڦ What is the average size of your client relationships/households?

ڦ How many clients/households do you have in each segment?

ڦ Do you have a formalized service menu, model and plan?

ڦ What tools do you use in your practice?

ڦ What is your philosophy on fees? How do you price your relationships?

Strengths and Challenges

ڦ What do you consider your strengths?

ڦ What areas of the business do you like the least?

ڦ What areas of the business do you enjoy the most?

ڦ What is your leadership style?

Marketing and Business Development

ڦ What is your process for taking a lead from a prospect to a client?

ڦ What is your referral strategy for building new business?

ڦ Do you have a process for working with centers of influence?


COMPATIBILITY QUESTION BANK

ڦ Do you use conceptual selling techniques?

ڦ How do you tell your story?

ڦ Do you have an ongoing fact-finding process that includes financial, professional and personal questions to deepen your existing client relationships?

ڦ Do you use traditional marketing techniques, strategies and tools? (Ads, lists, newspaper articles, seminars, etc.)

Investment Philosophy

ڦ Do you offer non-investment advice?

ڦ What is your investment/financial planning philosophy and process?

ڦ What is you preferred style of business (transactional or commission-oriented, fee-based, or a combination)?

ڦ Do you concentrate on specific products? What are they?

ڦ What additional products and services are you looking to expose your clients to (that you are not currently offering)?

Team

ڦ Who else is on your current team?

ڦ What are their responsibilities?

ڦ What are their strengths?

ڦ What are their weaknesses?

ڦ Do you currently have any external partners who are important to your practice (e.g., CPA, attorney, banking partners, etc.)?

Career Goals

ڦ Do you have a one-year, five-year and ten-year vision or plan? Is your plan written? Does it include goals and activities?

ڦ What are your reasons for teaming?

ڦ When do you want to retire? Do you have specific thoughts on business succession?

ڦ How do you define success?

Outside Interests

ڦ What are your hobbies, interests and passions outside of work?

ڦ Tell me about your family.

Notes

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Appendix B: New Hire Onboarding Checklist

Associate Name:

Manager Name:

Start Date:

DATE TASK NOTES

1. Set up email and phone for new hire.

1. Provide weekly touch points (for example, take them to lunch, invite them to team meetings, conduct one-on-one meetings, send a personal email or handwritten note, etc).

Day one:

1. Greet the associate. Accompany them to their training or work area.

2. Your new associate should either participate in, or may need to be scheduled for, New Associate Orientation. Also, schedule time for new associate to complete required computer-based training (CBT).

3. Introduce the new associate to team members and other key associates. Arrange for a welcome lunch.

4. Add associate to your communication lists (email, etc.) to ensure they receive all communications shared with the team.

5. Discuss mission, leadership expectations, core values, department functions and the impact of their role on the organization.

6. Provide associate with a job description and discuss high-level accountabilities for role. Set and discuss your expectations. Review electronic communication policy (Internet/email/fax). Review voicemail procedures.

7. Provide the associate with a tour of the location. Review emergency exits, assembly areas for evacuation and shelter, first aid locations, rooms, lunch rooms, supply orders, copiers, etc.

Throughout the associate’s tenure on your team:

Prior to start date: Begin immediately after candidate accepts offer as some tasks may take a couple of weeks to complete.


DATE TASK NOTES

1. Schedule a regular one-on-one meeting for follow-up and coaching.

2. HR topics:

ڦ Provide information on benefits.

ڦ Remind associates to review and sign up for benefits.

ڦ Discuss available ongoing learning opportunities.

ڦ Discuss career/professional development path and professional development opportunities.

3. Share team-specific information.

4. Discuss incentive, reward and recognition program(s).

5. Review goals and annual performance assessment.

6. Review organization charts.

7. Discuss staff and departmental meetings.

8. End of week one and two: Discuss employment experience thus far and make any necessary adjustments (engagement discussion).

Weeks three and four:

1. End of week three and four: Discuss employment experience thus far and make any necessary adjustments (engagement discussion).

Weeks one and two:

25


Appendix C: ResourcesTD Ameritrade Institutional offers additional resources to help you uncover potential opportunities to service your clients and exceed their expectations.

ڦ Dedicated Strategic Relationship Consultants: These focused professionals understand your business and can deliver personalized solutions to meet your unique needs and goals. Call on their innovative thinking to help you create an action plan designed to move your business forward.

ڦ Roadmap: Whatever your business needs, our Strategic Relationship Consultants are ready to help you take your business to the next level. We use an innovative online planning tool called Roadmap to translate your high-level business objectives into action plans.

ڦ Affinity Services Program: We have established relationships with more than 100 renowned third-party service providers to bring you comprehensive solutions to help run your business, manage your clients’ wealth and maximize your business—all at preferred rates.

Please work with your TD Ameritrade Institutional Strategic Relationship Consultant to help uncover opportunities and learn strategies designed to help you take your business to the next level.


Appendix D: About the Authors

About Paragon Resources and Know No Bounds

Paragon Resources and Know No Bounds are training and consulting firms providing proven practice management solutions exclusively to Investment Professionals. Whether an internal corporate business development department, product solutions provider or a practicing advisory team, our resources are designed to capitalize on people’s talents and optimize productivity through efficient processes. This is the foundation of our People + Process = Performance™ methodology.

Having a keen awareness of the true root cause of an investment advisory team’s issues is vital to remaining competitive in this evolving industry. We provide a powerful and unique suite of diagnostic tools designed to:

ڦ Identify the potential performance barriers that are hindering the ultimate success of an advisory team

ڦ Facilitate key decisions that need to be made for the future growth of the practice

ڦ Provide a roadmap for specific action

By looking at three critical Performance Drivers—PEOPLE, TEAM DYNAMICS and the BUSINESS MODEL—our resources and services help advisory teams transcend their current success to attain their ultimate performance potential. Organizations increase their business, optimize their practices, and subsequently make an impact on their lives and those of their clients.

For additional information, please visit our websites at www.ParagonResources.com or www.KnowNoBounds.com.

About TD Ameritrade Institutional

At TD Ameritrade Institutional, we never forget that it’s your business. We are here to support you in making it thrive. When you work with us, you will get the dedicated commitment of our people, access to a range of resources and a strategic relationship—all designed to increase your potential and help you achieve your business vision. Our offering is part of what differentiates us. We deliver smart operational solutions, innovative technology, customized practice management and flexible investment solutions, all with one goal in mind—impeccable service.

We share your belief that being a fiduciary is one of the best ways to serve your clients. As steadfast advocates for independent advisors, we continually speak out to ensure that your needs and the needs of investors are always considered within the regulatory environment. We consistently place your needs at the foundation of our business decisions. You can count on TD Ameritrade Institutional to put you first, so you can do the same for your clients. When you choose to work with us, you’ll see how deeply we are committed to your success.

Building High-Performing Teams: Build | tdainstitutional.com

Important Information This material is designed for a financial professional audience, primarily registered investment advisors. This brochure is published by TD Ameritrade Institutional for informational purposes only and should not be construed as legal or professional advice. TD Ameritrade Institutional disclaims any loss or liability that is incurred as a consequence, directly or indirectly, from the use or application of this publication. Third-party articles and information are obtained from sources deemed reliable; however, TD Ameritrade does not guarantee their accuracy or completeness and makes no warranties with respect to results to be obtained in reliance thereon. TD Ameritrade does not make recommendations or endorsements for any advisor that utilizes its brokerage or custodial services. TD Ameritrade does not monitor, and is not responsible for, communications between advisors and their clients. TD Ameritrade expressly disclaims any warranty or merchantability of fitness for a particular purpose, use or application and assumes no responsibility for any action the recipient may take (or fail to take) based on information contained in this guidebook. Neither this guidebook nor any recommendation made in it constitutes legal or regulatory advice. TD Ameritrade, Inc. and the aforementioned third-party companies are separate unaffiliated companies and are not responsible for each other’s services or policies. All product and service names are property of their respective owners. TD Ameritrade, Paragon Resources and Know No Bounds are separate and unaffiliated, and are not responsible for each other’s services or policies.

Paragon Resources is a third-party provider in the TD Ameritrade Institutional Affinity Services Program. Access to Affinity Services Program vendors is provided solely as a service to financial advisors using the brokerage, execution and custody services of TD Ameritrade Institutional. These services are offered at a discount directly through the participating vendors. Participating vendors are independent and are not employees or agents of TD Ameritrade. TD Ameritrade does not guarantee nor are they responsible for the quality or accuracy of any vendor’s product or service. In no instance should the listing of a vendor be construed as a recommendation or endorsement by TD Ameritrade. Furthermore, TD Ameritrade does not recommend or endorse any security described by any vendor.

TD Ameritrade Institutional, Division of TD Ameritrade, Inc., member FINRA/SIPC/NFA. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank. © 2012 TD Ameritrade IP Company, Inc. All rights reserved. Used with permission.

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