November 1, 2019
Is it time to invest in a CTO?| Kelli Cruz
Many larger firms have found this investment has raised the quality of service for their clients. But what if you’re a small firm?
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July 15, 2019
It’s time to rethink advisory industry career progression| Kelli Cruz
We’ve reached the point where we need to move beyond the ad hoc approach that has previously characterized professional development.
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May 24, 2019
How much should you worry about employee engagement?| Kelli Cruz
For advisory firms whose business model is built on client retention, your team is what drives your value proposition. Since the average headcount of most firms is six employees, this means that even if one employee is not fully engaged or decides to quit, a huge burden will be placed on other members of the team.
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March 14, 2019
The secret to building a fair compensation plan| Kelli Cruz
One of the most frequent questions I hear from firm owners concerns compensation. Are they paying employees competitively? A seller’s market means firms will need to adjust pay-raise budgets for 2019. They may also need to increase salary offers to attract the best workers.
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January 15, 2019
Managing teams in turbulent markets| Kelli Cruz
During volatile market conditions, employee management processes are especially important because they help reinforce that employees can trust that their jobs are secure. By explaining the firm’s sources of revenue and expenses, a team can better understand how they impact profitability.
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October 30, 2018
Using tech to get the best out of your people | Kelli Cruz
Most financial advisory firms believe technology is critical to the success of their firm. After all, the right software and digital tools can streamline many mundane but necessary administrative tasks, thereby enabling advisors to spend more time with their current and prospective clients.
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August 27, 2018
Hiring can be a bigger cost than payroll if not done right | Kelli Cruz
Have you ever calculated the cost of hiring a new employee? It’s not cheap. In fact, research has shown that the average cost to a company of turning over a highly skilled job can be more than 200% of the annual compensation for that role.
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July 9, 2018
5 Steps to a fair RIA compensation plan | Kelli Cruz
Labor costs often make up the largest expense for firms. Follow these approaches for an equitable and rewarding structure.
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February 20, 2018
How to compensate partners to keep your firm on track | Kelli Cruz
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.
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November 29, 2017
How to navigate your career | Kelli Cruz
Follow these directions to keep your professional goals on the right track, Kelli Cruz says.
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October 5, 2017
Let’s face it — end-of-year pay talks are painful | Kelli Cruz
Six planning tips to improve employee compensation meetings and ease the pain of the annual ritual.
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August 11, 2017
Time to rethink your firm’s compensation plan? | Kelli Cruz
It may be time to update your salary strategy to encourage better performance and attract promising job candidates.
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June 1, 2017
A Roadmap to Hiring Top Talent | Kelli Cruz
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?
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April 10, 2017
Overcome succession planning paralysis | Kelli Cruz
Succession is an integral part of a broader strategic planning process that seeks to address how the business will grow and create value for clients, owners and employees, and how the business will be transitioned to a new generation while preserving its reputation and legacy. Here are four key points to consider when planning a strategy:
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February 8, 2017
Should your firm be more flexible about flextime? | Kelli Cruz
Take a step back and reassess how flexible your current work environment is and start making plans to incorporate more flexibility into your human capital plan.
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November 29, 2016
Brain drain: How RIAs can hang onto employees | Kelli Cruz
If advisory firms can tackle career development problems before they start, they’ll also solve their succession challenges by developing the next generation of leaders.
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November 18, 2016
Aligning employees with a practice’s goals | Kelli Cruz
One of the keys to a successful firm is creating a goal-setting and performance management process for employees to encourage participation and reward results.
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October 6, 2016
Are performance reviews losing their appeal? Ways to improve the process | Kelli Cruz
The traditional annual performance review is losing favor with some advisory firms. But without a clear approach to reviewing the performance of advisers and other staff members, how can pay raises, bonuses and promotions be determined?
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August 31, 2016
How Advisory Firms Can Stay Competitive With Employee Benefits | Ben Mattlin
We know the scope and range of employee benefits have changed dramatically. Kelli Cruz shares her thoughts on how to stay competitive with benefits.
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August 3, 2016
The Young & Talented: Steps to Attract Gen Y Advisers | Kelli Cruz
Millennials have been portrayed by some as spoiled, lazy and entitled, but the reality is actually much different. In fact, in some ways millennials have an edge over the rest of the workforce.
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June 2, 2016
Secrets to Building a Great Advisory Team | Kelli Cruz
What if running an advisory firm felt more like managing a strong college squad, known for its teamwork, rather than a team that merely celebrated its all-stars?
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April 21, 2016
Hiring an Intern for Your RIA Practice | Kelli Cruz
In an increasingly competitive job market, firms that link internship programs into their recruitment strategy are well-positioned to compete for the best talent graduating from universities and colleges.
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February 10, 2016
6 Compensation Myths | Kelli Cruz
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.
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January 4, 2016
Keeping Employees on Track | Kelli Cruz
One of the keys to a successful firm is creating a process for setting goals and managing performance. A performance management process is best when it links execution to compensation. That, in turn, encourages employee engagement.
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October 29, 2015
Overworked and Clients Suffering? Hire a Manager | Kelli Cruz
You know your practice has reached a crucial turning point when you have to choose between serving your clients and growing your business — because you no longer have enough time and resources to do both. Here are the chief signs that the time has come to hire a professional manager.
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September 1, 2015
Make Hiring a Priority or Get Left Behind | Kelli Cruz
The success of your business is largely in the hands of the people who work for you, and the relationship you and your team have with your clients is in essence your business’ secret sauce. It follows then that one of the most important decisions you can make is who you choose to hire.
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May 29, 2015
How to Keep Top Talent from Leaving | Kelli Cruz
Employees are probably the largest cost to your firm, but they are also the foundation upon which the firm’s entire value proposition is built. To maximize employees’ contribution and effectiveness, your firm needs to have a range of programs aimed at investing in them — and making sure your investment pays off.
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April 22, 2015
Incentive compensation should align with firm goals | Liz Skinner
Advisory firms should examine whether their incentive compensation plans are aligned with the bigger goals they are working toward. Many times they aren’t, experts said. Incentive compensation plans for financial advisers and planners most often are triggered by business growth goals.
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April 15, 2015
Envestnet Gets Matt McGinness as it Launches it’s Advisor Consulting Division | Brooke Southall
Envestnet has hired Matthew McGinness en route to launching a large data-backed consulting division.
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March 16, 2015
Smarter, Easier Ways to Delegate | Kelli Cruz
To be an effective business owner, you must be willing to delegate and relinquish control. Even I admit it can be a scary proposition at times, but it’s a management strategy that will reward you and your team.
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July 23, 2014
Management Tip: Is Your Org Chart Helping You Grow? | Kelli Cruz
One of our past clients came to my consulting firm for help when she realized that her organizational structure lacked scalability. As the founder and sole owner of an RIA with $2.8 million in revenue, she was wearing too many hats: CEO, rainmaker, lead advisor, manager.
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May 22, 2014
How to Fix Your Incentive Pay | Kelli Cruz
A majority of employees at advisory firms now receive a combination of base salary and incentive pay, industry studies find. But firms don’t seem to be satisfied with their pay packages and, at my consulting firm, the most highly requested engagement is for designing incentive compensation.
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March 26, 2014
Financial adviser: Maybe not the sexiest job, but among the best paying | Carl O’Donnell
A job as a financial adviser may lack the cachet of a position with a white-shoe Wall Street investment bank, but when it comes to salary and flexibility, the industry can make a pretty good pitch.
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February 11, 2014
Advisors Struggle with Internal Succession | Andrew Coen
While many financial advisors would prefer to have someone within their practice take over upon retirement, not enough are prepared for the internal succession planning process, Kelli Cruz, told advisors here during a presentation on Monday at IMCA’s Consultants Conference.
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