Practice Planning

Contemplating Compensation

7 keys to developing a compensation plan to attract new talent and retain employees.

Sponsored by Commonwealth Financial Network.

In an increasingly competitive industry, the ability to attract, motivate and retain top financial advisors is critical to the success of your firm. In fact, the departure of a successful advisor can cost a firm $2 million in lost revenue according to a recent study by Kehrer Bielan Research & Consulting, a Chapel Hill, N.C.-based firm that provides the financial industry with insight and guidance. “Given that cost, holding on to what talent you have should be a top priority,” says Dr. Kenneth Kehrer, principal at the firm.

Developing a competitive compensation strategy is one of the most powerful ways to do just that. To be competitive, your firm’s compensation strategy should combine guaranteed money, incentives and benefits to reward performance, while encouraging loyalty and helping you reach your strategic goals. Here are seven key steps to consider as you create or revisit your current compensation plan:

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