Audit Ready Incentive Compensation The increasing cost of compliance and oversight – in time and money – is something investment services firms face every day. From internal audits that scrutinize our processes to regulatory bodies like FINRA and the SEC that scour over client data. In the past, audits, examinations, and inspections occurred a couple […]
Operational Risk It’s important to understand the operational risks caused by manual processes used within your incentive compensation procedures. Managing and leading an investment services firm is an enormous responsibility. Top challenges include: Growing the firm’s revenue while keeping overhead in check. Ensuring that payroll is timely and accurate. Hiring, coaching, and retaining financial advisors. […]
How much time does your advisor team waste on shadow accounting? In the world of incentive compensation, shadow accounting is the process in which a salesperson tracks their production separately, creating and maintaining a parallel record so that they can double-check their incentive compensation payout. Shadow Accounting Drains Time and Resources Shadow accounting impacts […]
Single Points of Failure Do any of these sound familiar? “We better not lose John, or we won’t be able to pay our advisors for weeks.” “No one can cover for Jane, and no one wants to learn pivot tables.” “John plans his vacation around month-end closing.” If so, then your firm has a single […]
As need for new talent grows more competitive, investment firms need to keep up with financial advisor compensation trends. The need to remain competitive is important for numerous reasons, but perhaps one of the most critical reasons is due to the growing talent shortage in the financial advice industry. According to Cerulli Associates, approximately 37% of […]