INTEROFFICE MEMORANDUM

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[INTEROFFICE MEMORANDUM]1

TO: JASON MICKOOL FROM: RITA LACHMANSINGHSUBJECT: MCADAM PROPOSAL OF BUSINESSDATE: 5/5/2015CC: MEG BARRY

Since January of 2015 I have had the pleasure of interning for McAdam Financial, located in downtown Chicago. It is one branch out of six, which are located across the United States. McAdam supplies financial services for bright people to reach the highest potential in career and life. Mike McAdam, who was previously a Field Vice President at Ameriprise Financial, founded the company. Mr. McAdam decided to start his own firm in 2008, focusing on providing exemplary consultation service to professionals seeking to further their financial status. McAdam is affiliated with PKS, who acts as our broker dealer and Charles Schwabb, who is our custodian. McAdam acts as a general agency for Voya. McAdam strives to assist individuals by tailoring financial services to their unique profession, such as professors or small business owners.

McAdams main competitors are Wayne Hummer Investments and William Blair. The biggest aspect that differentiates us from the competitors is that we do not serve any higher company despite McAdams affiliations. Therefore, advisors can choose from a variety of financial plans depending on an individuals needs and goals. Advisors are encouraged to climb the McAdam hierarchy. Entry level employees are known as team members, then progress to team leaders, district managers, field vice presidents, group vice presidents, and finally the CEO. The company provides many resources such as dialing training and development to foster the growth of the employees.

McAdam contributes to society by using peoples professions to tailor financial plans specific to their retirements and benefits. In fact, McAdam trademarked the process advanced advisory model, which incorporate benefits to meet clients long-term goals. The organizational mission is to provide advocacy, information, and advice to understand markets, to help them navigate the complex world of financial products and services. We do this by leveraging technology, information, laws, and regulations that affect the underserved (www.mcadamfa.com). The leading source of revenue is from the distribution of investment plans. McAdams key customers are those who occupational fields are experiencing regulatory changes. The advisors reach out to these people to help during these times of change. Some of the customers include professors, large corporations with small HR departments, and small business owners with one hundred or less employees who have a 401k plan.

There is no denying that the Chicago branch of McAdam is doing extremely well considering we manage over a billion dollars in assets. With that said, there is always room for improvement. Considering the Chicago office is only growing, it is time McAdam expands its human resource department. The current human resources department ensures that recruiting, training, and the on-boarding process runs smoothly and efficiently. The company also offers plenty of resources to help employees further their professional development. An expansion of the HR department would help manage employee-management relations. It would also help combat the turnover rates we have experienced. Dave Ulrich, Jon Younger, and Wayne Brockbanks peer reviewed scholarly article The Twenty-first-century HR Organization offers many reasons to support the benefits of extending Human Resources responsibilities.

A lack of employee engagement results in less productivity, worse customer service, and costly turnover rates. Therefore it is crucial that we ensure all employees are having their basic personal and professional needs met by McAdam. Ulrich, Younger, and Brockbanks article notes that the one size fits all outlook on managing is no longer realistic. Showing flexibility for employees encourages a healthy work life balance (Ulrich, Younger, and Brockbank 845). In order to meet the needs of the different people coming from various backgrounds, its important that we tailor management to fit different work styles. It will also allow us to monitor the progress of each employee in order to maximize profits (Ulrich, Younger, and Brockbank 845). If an employee has plateaued, it is clear he or she needs more resources.

The Chicago branch of McAdam has demonstrated its efficiency and success in the financial industry. The clients, employees, and connections are constantly expanding. McAdam has proved its ability to innovate the way society looks at financial planning. With the expansion of the human resources department, it is undeniable that McAdam will continue to thrive.

Works Cited Ulrich, Dave, Jon Younger, and Wayne Brockbank. "The Twenty-First-Century HR Organization." Human Resource Management 47.4 (2008): 829-850. Business Source Complete. Web. 5 May 2015.

Links

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