Compensation Plan Design and Review
Why This is Important to You
Your employees are the face of your business. That’s why attracting and retaining the best talent is a critical cornerstone of success. Developing compensation plans that reward the behaviors you need to succeed may be relatively straightforward for some positions, however, client-facing personnel in the wealth management business often require multi-faceted plans relying heavily on variable compensation.
How you structure and communicate these plans may literally be the difference between the success and failure of your organization. This is particularly true for the financial advisors of your institution’s brokerage program. Designing a compensation plan that is not only competitive but rewards the advisor for promoting corporate initiatives requires a balanced, informed and thoughtful approach. Your people are your biggest asset and your biggest expense. Ensuring you offer a compensation package that attracts and motives the best talent while containing costs is a critical equation that must be solved if you are to optimize performance.
How We Work With You
We take the time needed to understand your corporate objectives; what you are trying to achieve beyond purely driving revenue. We often see misaligned plans resulting in management conjecturing why important corporate initiatives go untended. And, while compensation plans seldom replace the need for solid management, they do highlight and reinforce what is important to the institution.
Once we understand your objectives and the culture of the organization, we work with you to:
- Understand the competitive landscape
- Develop a comprehensive compensation package looking beyond pure “payouts” or “the grid”
- Address each individual component of the Plan, including:
- Write a straightforward, well-documented Plan that serves your needs, the needs of the employees and Human Resources
- Position the compensation plan in such a way as to highlight the overall Plan’s merits looking beyond take-home pay or “the grid”
- Create a communication platform addressing the needs of prospective job candidates and existing employees
- Base compensation
- Individual incentives
- Corporate incentives
- Deferred compensation
- Employee benefits
- 401(k) and profit sharing
- Stock options
- “Soft rewards”
- Recognition clubs
- Corporate titles
What This Means For You
- The ability to hire the best talent
- Lower turnover
- Achieving the optimal balance between pay and performance
- Alignment between pay and corporate objectives
- Motivated employees reaching for higher levels of achievement
- Tools for measuring performance and empowering managers
- Control over compensation expense
- A communication platform to help ensure the merits of the Plan are fully explained and understood
Who Will Help You
Kane Carlton is a consortium of the best and brightest talent in the wealth management industry. This confederation of seasoned professionals combines decades of practical experience in highly specialized disciplines with a no-nonsense, innovative, results driven focus with a singular mission - to help you.
Thomas C. Kane, Founder and Chief Transformation Strategist
Why Kane Carlton
We help our wealth management clients make informed decisions by providing them with research, competitive intelligence, best practices and innovative, objective solutions designed to reduce costs, increase revenue and stay competitive. Yet, unlike pure consulting we pride ourselves on being on the field and in the game with you, focusing on implementing the work product we create.
We understand that the thin line separating a flourishing career from unemployment and a thriving franchise from a failed business is a combination of the decisions you make. So make your first decision the right decision -- decide Kane Carlton.