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#21 – Terry Bell: How Investing In Staff Can Bring Big Returns

Photo 2 - terry.“The average financial planning firm in Australia has four staff and spends around $300,000 on salaries”

Staff are a massive investment! What are we doing to get a return?

Almost half of total practice expenses go toward staff – but clients clearly regard the staff as a critical factor.

How do we increase the return on investment of staff?

  • Keep performance/staff management simple.
  • Have a clearly written job description.
  • Do the reviews!

What is the effect of a proper, written job description?

According to Terry’s research, companies whose staff have written job descriptions experience 258% higher profitability than those who don’t…

What is the effect of regular performance reviews?

Companies who have reviewed performance in the last few months see 157% higher profitability.

About Terry:

Terry Bell is a principal of Business Health Pty Limited. Business Health is headquartered in Sydney, Australia and was established 14 years ago to provide practical “down to earth” assistance to businesses with particular emphasis in the financial services industry.

Terry has had many years experience in a variety of senior management, business development and operational roles. Through his consulting he has been able to help businesses position themselves for success in the 21st Century. His knowledge of market trends and business structures, both in Australia and internationally has allowed many professional advisers to build valuable, profitable, sustainable and relevant practices.

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