With the extreme competitors for expertise within the wealth administration business, leaders of RIAs have to be extra strategic than even when growing compensation, expertise improvement and retention packages.
On this episode of RIA Edge, Mark Bruno, managing director at Informa Wealth Administration, speaks with Brandon Odell, companion and director of enterprise consulting at The Ensemble Observe, concerning the evolution of staffing and compensation within the RIA business—and the way probably the most profitable companies are successful the warfare for expertise.
Particularly, Mark and Brandon talk about:
- How RIAs are altering the best way they rent and prepare new staff with a give attention to retention
- How base and bonus compensation have advanced to make sure RIAs are paying competitively—with out over-committing to long-term direct expense obligations
- How RIAs are evaluating their organizational buildings to align with future progress alternatives and consumer want