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Transcript of Strategic Planning
How does Beacon Hill plan for succession and growth?
Opportunities and Considerations
How does Beacon Hill grow at a strategic pace and maintain culture?
How do we Measure the SUCCESS of
Conclusion and Next Steps
Scope of Service
Evaluation of current services to clients
Additional products/ services
Talent Retention & Acquisition
Expansion of Services and Products 2014
Chief Compliance Officer for IA
Private Placement Agent, Solicitation Agent Support and distribution support
Active Business Management:
Managing costs/ expenses through unitary fee, service provider oversight
Additional Series Trusts:
AMF and GMT
Services NOT To Provide
Low Margin Services:
Transfer Agent and Fund Accounting
Stand Alone Distribution
Opportunities for Growth
"Lift Out" of a small business
Develop and leverage strategic partnerships (e.g. Carne, back office providers)
Enhance marketing efforts
Cross-selling to existing clients
Effective Pricing model (bps, escalators, CPI)
Develop and Enhance
: A new group in which all ideas/ products would be vetted internally
Succession Planning Committee
: A new group to plan for employee retirement and personnel changes
: Current committee to revisit pricing models and standards.
BHFS Employee Ownership
Consideration of partial or possible employee ownership over time.
Based on Jim Harvey's speech structures
Beacon Hill is...
1. Small and Nimble
2. Efficient and Effective
6. Custom Provider
“There are two ways to extend a business.
Take inventory of what you’re good at and
extend out from your skills. Or determine
what your customers need and work backward, even if it requires learning new skills.”
-Jeff Bezos (Amazon)
Define Action Plan
Form Internal Committees
"Define business management and governance"
"Create strong partnerships with our clients"
"Continue to grow!"
"Maintain culture and be a fun place to work"
New Service Offerings?
Underwriting and Distribution
4 employees, or 25% of Beacon Hill, to retire within 5 years
Additional 3 employees within 5-10 years
Need for succession planning
Plan for strategic leadership and sales function
Small company risk
Outward impact on clients
Consideration of "flat" structure
Use of Interns (Summer 2015)
Hiring of junior associates
Interest of employees to train others
Cross functional development
Quality of life (work from home)
How does Beacon Hill obtain and retain top talent for future growth?
Is Beacon Hill providing the "right" services today?
What services fit outside of our scope?