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
Being a big professional sports fan, the springtime tends to be one of my favorite times of the year. Major League Baseball is just getting underway and all thirty teams seem to have a real shot at the postseason. After endless months of games in the National Basketball Association and National Hockey League the playoff… Read more
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
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
Career GPS
How to Avoid Making Wrong Turns to Keep Your Career Path on the Right Track Last year a 28 year-old New Jersey tourist was traveling in Iceland and accidentally misspelled the address of his hotel into his GPS… Read more
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
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
Hiring Top Talent
Just as advisers are always on the lookout for their next great client, they should also be keeping an eye out for the best and brightest people to join their team. But how can you know which hires are best for you — and your clients? You can start by thinking about your current team… Read more
Speakers: Kelli Cruz (Cruz Consulting Group) & Jason Carroll (Live Oak Bank) More advisory firms are exploring and executing mergers and acquisitions than ever before. Many firms are using M&A as a strategic means to accelerate the growth of their firms — and also to identify longer-term succession plans that can increase the… Read more
RIA Match Webinar
Finding the right successors is where the rubber meets the road and a challenge for many RIA principals. Kelli Cruz, founder of Cruz Consulting Group, shares her process on how to find and keep internal successors. She also covers a career-track framework for grooming your firm’s next principals. In this webinar you will learn: •… Read more
