Operations Notes
Executive Summary:
- final decision and action plan
- the Key issues: the current compensation
- the new objective
- key point about environment- industry, KSF
- control system, compensation system
- other alternatives
- overall statement that this will work)
As consultant to Paul Lui, executive president of Private Client Services Division (PCSD) , prepare a report regarding the company’s control system . Paul have the authority and responsibility for all PCSD activity and this report may be review by Bill Crane, president and chief executive office of JMS, LLC and the board of directors if they consider to implement the recommendations.
-objectives/ goal as a division of a private bank, Paul is seeking to build long-term client relationships and career path for its financial consultants which will ultimately achieve sustainable profit growth for the PCSD.
. through the new compensation plan.
- build long-term career path for the financial consultants
- long-term client relationships.
- the key is to structure long-term compensation contracts that would reward consultants for behaviors that foster long-term relationships with their firms and their clients
- attract new consultant
- secondary objective to motivate the consultants to stay , perform , exvel and generate new business
Company’s control environment: industry opportunity for PBSD to recruit talented consultant since the industry trend is they are shifting from New York wire housed to regional banks due to the pressure and culture of the firm. it is a good
-industry (adit) - 5 Major Changes - Loss of trust (trust is a KSF) --> demanding more transparency - Moving to low margin, liquid products (customers) - Increasing regulation --> rising costs --> more competition for top talent - Shift in global wealth distribution--> will require greater costs to reach these new customers - Methods of cost reduction:
- final decision and action plan
- the Key issues: the current compensation
- the new objective
- key point about environment- industry, KSF
- control system, compensation system
- other alternatives
- overall statement that this will work)
As consultant to Paul Lui, executive president of Private Client Services Division (PCSD) , prepare a report regarding the company’s control system . Paul have the authority and responsibility for all PCSD activity and this report may be review by Bill Crane, president and chief executive office of JMS, LLC and the board of directors if they consider to implement the recommendations.
-objectives/ goal as a division of a private bank, Paul is seeking to build long-term client relationships and career path for its financial consultants which will ultimately achieve sustainable profit growth for the PCSD.
. through the new compensation plan.
- build long-term career path for the financial consultants
- long-term client relationships.
- the key is to structure long-term compensation contracts that would reward consultants for behaviors that foster long-term relationships with their firms and their clients
- attract new consultant
- secondary objective to motivate the consultants to stay , perform , exvel and generate new business
Company’s control environment: industry opportunity for PBSD to recruit talented consultant since the industry trend is they are shifting from New York wire housed to regional banks due to the pressure and culture of the firm. it is a good
-industry (adit) - 5 Major Changes - Loss of trust (trust is a KSF) --> demanding more transparency - Moving to low margin, liquid products (customers) - Increasing regulation --> rising costs --> more competition for top talent - Shift in global wealth distribution--> will require greater costs to reach these new customers - Methods of cost reduction: