Many advisors view compensation largely as an expensive line item on their profit and loss statement. But compensation is, of course, an investment in your team that should drive success in your business. Many recent studies have shown that three key factors contribute to employee satisfaction and retention: having interesting and challenging work, enjoying the people you work with and feeling properly compensated.
Most bosses know that compensation is a tool for recruiting, retaining and rewarding the right people. Yet data from the new Quantuvis Consulting's Best Practices Study Series, Part 3: Human Capital suggest the majority of even the best advisory firms do not yet share this view. The "Plan Undefined" chart, below, shows that only a bit more than half of the top 25% of advisors have a specific compensation plan in place, formal or otherwise.
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