In a Nutshell: Your success in 2022 and beyond is directly correlated with your ability to attract and retain high-caliber talent. A key way to attract and retain that talent is to have a well-defined employee value proposition (EVP). The Schwab 2021 RIA Compensation Report highlights the key areas that should form your EVP beyond cash compensation and benefits such as having well-defined career tracks and partnership opportunities, mentorship, decision-making autonomy, recognition programs, mission alignment, flexible work arrangements, equity ownership, and diversity and inclusion.
In today’s conversation, Lisa Salvi of Charles Schwab discusses what the Schwab 2021 RIA Compensation Report reveals about how the best RIA firms develop a comprehensive compensation plan that turns the Great Resignation into a major opportunity.
Guest: Lisa Salvi, Managing Director, Advisor Services at Charles Schwab
My Key Takeaways:
- The stakes have changed. A competitive comp structure and good benefits are table stakes now … as are, in many cases, WFH flexibility, professional mentorship, and a path to ownership.
- Prospective employees want more than a job, they want a career and an opportunity to build wealth for their families.
- Tell your story. Your website, social media, marketing, and job postings should all bring your company’s culture to life.
- Specific elements that the best firms are including in their updated employee value propositions and comp packages.
- How top RIA leaders are thinking about preserving and growing culture as their workforces become more decentralized.
- Questions that Lisa says firms need to be prepared to answer when they’re interviewing top talent.
- How to properly staff a firm based on its size and service offering, revenue per employee ratio, and average compensation costs as a % of total firm expenses.
Complementary podcast: Lisa and top advisor Bill Keen joined me for a conversation about how to adapt your digital marketing to a post-COVID world. Listen/read here.