The traditional annual performance review is losing favor with some advisory firms. But without a clear approach to reviewing the performance of advisers and other staff members, how can pay raises, bonuses and promotions be determined?

Therein lies the dilemma some firms face as they head into the employee annual review process. I hear from many firm owners and advisory staff members that they are dissatisfied with the current system, saying it is too time-consuming, produces an awkward dynamic and creates an unhealthy competition among team members.

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