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Summary: As communication trends and consumer demands change, so must an adviser’s marketing strategies. Of the trends that will blossom in the coming year these five will most impact how advisers conduct business. As you prepare for 2017, consider integrating these developments into your marketing plan.
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Summary: That time of year is almost here – performance and compensation reviews. I know that most managers (and employees) dread these hour long rites of passage. You may be asking; do I have up-to-date data to benchmark my compensation levels? Does my budget accommodate increased salary ranges for employees I want to promote? Are my base salaries competitive? Is my incentive package motivating my employees to exceed my expectations? Here is a short checklist to build the framework for your compensations discussions
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Summary: Wealth management firms should develop broad talent and compensation strategies relevant to their goals. The next generation needs to know that it has a future, one with a clear path toward leadership and ownership.
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Summary: Many industry benchmarking studies are reporting that profitability has been falling in most independent advisory firms over the past two years. While there are a number of possible reasons for this, in my work with independent firms, I’ve found there are really only a few reasons. One is technology. Or perhaps more accurately, it's the failure of many advisory firm owners to efficiently integrate the flood of new technology into their businesses.
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Summary: Compensation makes up the single largest cost for RIAs, according Schwab’s most-recent RIA Benchmarking Study, yet many firms do not have a well-defined incentive package in place to reward and retain talent.
