Advisors, Staffers Unhappy With Pay: FPA Study | ThinkAdvisor by Michael S. Fischer
Most financial advisory firms make big investments in their teams, but still feel challenged to structure compensation and benefits packages that will both attract and retain talent, according to a new report from the Financial Planning Association and Financial Advisor IQ, a Financial Times news service.
It's a struggle many of them aren't winning. Only about a quarter of advisory firm employees are satisfied with their pay, and about a quarter plan to change jobs soon, the study found.
The study found that only 31% of firms thought their compensation plan was highly competitive with those of similarly sized firms, and that number dropped to 22% for their benefits package.