The wealth management industry is no stranger to incentive pay. Traditionally, the incentive compensation structure was simplistic, focused on advisors, and based solely on revenue. Now, firms have a myriad of choices when designing an incentive pay structure for the whole financial team. Let's explore some of the benefits and pitfalls of incentive [READ MORE]
For wealth management firms, financial advisors tend to be the targets of recruitment efforts. However, in today's climate, lowering fees and tighter margins are making operational leadership more important than ever. When hiring a COO or Operations Director, a wealth management background is certainly beneficial. But, to address rising trends and challenges, [READ MORE]
To scale or not to scale? That is the question occupying most conversations in the wealth management industry these days. With all the noise surrounding growth and mergers, it’s only natural for an independent RIA business to want to take advantage of the moment to increase revenue. Before you take the leap, consider [READ MORE]
There is no better person to provide tax planning services than a wealth manager. They are in a unique position to understand an individual’s complete financial picture from income and lifestyle habits to assets and retirement investments. As the wealth management industry evolves, tax planning is becoming a standard service. Here are three [READ MORE]
The classic chicken or egg dilemma. Which comes first? Acquiring more clients or hiring more financial advisors? There is a natural tendency to hold off on hiring new talent until you see the goods. However, firms with a service centered model can actually grow their business by adding more financial advisors to their [READ MORE]
Most adults in the United States skipped “Money Management 101” and it’s causing a crisis. According to the NFEC, financial illiteracy cost Americans roughly $352 Billion collectively in 2021. With financial literacy in a downward spiral, financial advisors are being called upon to pick up the slack. In order to serve clients and [READ MORE]
