To keep your best advisors and other employees on board, you'll need invest strategically in the right people, offering them a rewarding career path.
Handing off responsibility can be scary and challenging. But it's the only way to empower staff and position your firm for growth. Use these tips to be more effective.
Want a better way to help staff improve? Here's how to turn the end-of-the-year ritual into an experience that's productive for you and your employees.
If you want your entire team focused on bringing in new clients, you'll need to restructure your organization to make that happen.
Are you attracting and retaining the best employees? Competition for top talent is heated. A firm with an effective compensation plan is better able to recruit and retain quality employees, engage them in making the firm successful, and reward them for their contributions. During this interactive session, you will learn how to:
• Determine the correct compensation philosophy
• Find the right balance of base pay and incentives
• Develop an incentive plan that incorporate individual and firm performance goals
• Financially sustain your plan year over year
Increasingly, firms are seeking to move toward an ensemble model to improve flexibility and ease the burden on top advisors.
Every firm needs to determine the unique compensation plan that will work best for executives, staff and clients. These guidelines should help you get started.
Make no mistake: Bringing on new talent is a high-risk endeavor. Be sure you get it right.
Succession planning is something every advisor should think about and make arrangements for, yet over half of advisors aren’t engaged in the process at all. To ensure your clients are taken care of to your highest standards after you leave your practice—either willingly or suddenly—having a comprehensive plan in place, and ideally in some level of process, is key. Studies have shown the best advisor match for your clients is made when your successor is chosen from within your own firm. With an abundance of financial programs being established at colleges and universities across the country, the next generation of financial advisor, whether brand new to the job market or career-changers, is one option to explore. The other is looking closer to home. In this session, the owners of two local firms and their co-owners—who also happen to be family—, talk with Kelli Cruz of Pepin Consulting, about their succession plans and the strategies behind them. You’ll take away insights into and perspective that will allow you to hit the ground running with your own plan to safeguard your clients’ wealth and best interests.