Advisors get frustrated when team members dont care as much or work as hard as they do. Yet advisors do not realize that its hard for people to stay motivated if they dont see any reward for working harder, better or faster. For advisory firm staff, hard work and firm revenue growth do not necessarily correlate to increased compensation. As a result, growth is often a firm-driven directive rather than an objective in which team members have a common interest.
In conversations over the past years, staff members have expressed to me a desire to know how to advance their contribution, compensation and careers. Unfortunately, few firms have provided them with formalized career paths. This disconnect creates significant untapped potential for firms to better harness their human capital -- by actively engaging their teams for growth and greatness.
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