Compensation 2008: a bumpy ride?
5 RepliesJump to last post
I am a RR staff writer working on our annual compensation survey, and I want to see how advisors are doing.
Has your compensation taken a hit with the market turmoil or do you expect it to? Why or why not? (some industry compensation experts say it is going to be a "bumpy ride" in 2008 across all channels (indies, wirehouses, regionals)...thoughts?) How are you maintaining your status quo in this market? And if your compensation has not suffered why? What is the key to staying profitable in a down market?If your an advisor who recently made the switch from the wirehouse to independent channel (or vice versa) because of compensation, why exactly did you make the move? Did it significantly improve your compensation (please quantify)? What were some of the major challenges?
Thanks, I appreciate your responses.I see my compensation going up. More people look for help, or are more willing to talk, during this type of market.
I see my compensation going up. More people look for help, or are more willing to talk, during this type of market.
What type of business do you have? Fees, commissions, a mix? Thanks
I’ve been in the business a long time. Our business was up significantly last year (47%) and we are maintaining a slight increase (8%) over last year.
I would guess people who have been in the business for a while will take advantage of these times to gain more assets and those relatively new to the business (within the last 5 years) may have a struggle on their hands (as evidenced by many of the recent posts on this forum). Makes sense: newer, less experienced advisors who have had only an up market since they entered the business have had less time to cement relationships with clients and less experience in managing portfolios, client expectations, and general uneasiness. This is a raw generalization and many newbies are and will come through this year as shining stars -- but there will be many more who leave the business or will struggle mightily.