Employee Pay

The Secret to Building a Fair Compensation Plan thumbnail

One of the most frequent questions I hear from firm owners concerns compensation. Are they paying employees competitively? With the U.S. unemployment rate at its lowest level since 1969, the question takes on particular urgency. So how do you determine and design a fair compensation plan that satisfies you and your employees? The answer lies… Read more

Managing Teams in Turbulent Markets thumbnail

Most of the successful firms I have worked with over the years have a disciplined process in place to manage employees. This can range from setting initial job expectations to developing compensation plans and guiding overall career progression. During volatile market conditions, these processes are especially important because they help reinforce that employees can trust… Read more

Recipe for Compensation Success thumbnail

In my consulting practice I get asked frequently about what factors go into determining someone’s compensation.  As one client put it “what are the ingredients that go into the compensation plan?” Similar to when you’re preparing a new recipe for the first time – following the directions to the letter, doing the steps in order… Read more

Talent Podcast thumbnail

Podcast

Welcome to the 60th episode of the Financial Advisor Success Podcast! In this episode, we talk in depth about the kind of human resources challenges that begin to emerge as an advisory firm grows, especially once it crosses the $100M and then $200M under management thresholds… where the firm grows beyond half a dozen employees – and… Read more

Partner Compensation: How to Compensate Partners to Keep Your Firm on Track thumbnail

Partner Compensation

If your firm is considering making any changes to your existing partner compensation plan, from a minor tweak to a major overhaul, there are some basic concepts that you should keep in mind. First, make a note that there is no magic compensation system that will satisfy all partners, meet all strategic goals and never… Read more

Let’s Face It — End-of-year Pay Talks are Painful thumbnail

Let’s face it, end-of-year compensation decisions and pay talks are stressful. Even the most successful owners may lack the confidence needed to have meaningful discussions. Here’s a list of planning tips to improve employee pay meetings and ease the annual ritual. 1. CONFIRM ROLES AND RESULTS Dust off your firm’s job descriptions and ensure you… Read more

Time to Rethink Your Firm’s Compensation Plan? thumbnail

As we enter fall and the fourth quarter, you may be pondering a change to your compensation structure for next year. Although it is extremely critical to develop a salary plan that is profitable for the firm, I suggest considering the broader business context first when making changes. This involves reviewing the company’s strategic priorities… Read more

Money Talks

Money Talks

Talking Points to Ease End-of-Year Compensation Discussions That time of year is almost here – performance reviews and compensation discussions.  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… Read more

Why Use Compensation Benchmarking Data thumbnail

How do you know if you are currently paying your employees at competitive levels? And what merit increases are warranted for each position? Are you utilizing the appropriate mix of base and variable compensation based on the type of position? These are common questions we are asked when clients engage us on a compensation project… Read more

6 Compensation Myths thumbnail

Advisory firms spend more money on compensation than on any other expense, so getting it right just makes good business sense. Your compensation plan should define the behaviors you value the most and reflect what you are willing to pay to attract and retain key talent. I have found some consistent compensation misconceptions across advisory… Read more