3. Design Growth Oriented Compensation Plans
Don’t be afraid of overhauling an incentive plan if it’s not helping grow the firm. Consider using project-based incentives, or performance-based awards based on client satisfaction.
Exencial Wealth Advisors overhauled its compensation model and undertook a strategic planning process a few years ago after realizing it could not achieve annual organic growth targets of at least 15 percent by relying on one or two rainmakers. Under the new model team members can expect base compensation plus participation in several specific bonus structures based on overall firm growth and the achievement of company objectives. Additionally, Exencial set up personal initiative bonus plans that provide unlimited income opportunities for the most productive advisors.
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