We make too much!?!?!?!
I'm shocked. The Advisors are the ones gathering assets and generating revenue. They are also the ones getting bitched at by clients when there firm is in the media or when the market struggles. The firm does things that we have to explain to clients, even when we don't agree with them. The firm gives us little or no financial support to market ourselves and if we want to waive an account fee, it comes out of our pocket.
They think we make too much? Then fire us all and replace us with salaried Advisors. See how much what happens to your margins then.
As a group, the most highly prized and compensated employees in any industry are almost univerally salespeople. Think about it. In a free market economy, nothing happens unless a sale is made. A company can manufacture the best jet engine on the planet...totally meaningless until the engine is sold. Our industry has been comoditized to a great extent, so what is it that we sell (or fail because we don't sell it)? The answer? The advice is priceless.
Yeah the bottom lines of these companies has been lower. What are they worth 20-100 billion each..?