Summary: 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 firms.
 If you want to attract and retain the highest caliber of talent, your compensation plan should be targeted to pay above the median and, in some cases, at the 75th percentile of pay. One way to align your pay practices with your business plan and firm culture is to create a compensation philosophy statement that describes the firm’s core values that are important to its future success."Kelli Cruz, founder, Cruz Consulting Group . |
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