Do your managing agents really understand the breakdown of their costs between fixed and variable costs? What about their overall cost of sales? What about the 'cost of a desk' for each new adviser? How about the risk ratio for their business? Managing agents often believe themselves to be 'just around the corner' from a major lift in profitability. They see lots of activity, and seemingly attractive margins - but the money just isn't there, or is quickly wiped out by a departing adviser. I am thinking of running a finance workshop for managing agencies. If you are interested in this, drop me a line.