Exchange Street Director and specialist recruiter in the financial planning market. 0161 973 6900
Can you really be a ‘client focused’ practice if you don’t reward Financial Planners for looking after existing clients? I look at websites that rave about the great service these firms offer to their clients, yet they only pay their advisers on new business. It can be frustrating for their advisers. It’s often the reason they come to me looking for a new job. Advisers want to do right by their clients. They’ll often work extra hours to service them, even when they’re not rewarded for it. Perhaps not even valued for it. But they won’t do it forever. They will look elsewhere. Meet with firm’s who assign ongoing advice fees against targets and bonus thresholds. They will move to a practice where they can build a long-term income streams from the relationships they nurture. How financial planning firms pay their advisers can vary greatly from business to business. However, if there isn’t some element of reward for servicing the existing client portfolio, you might find it’s not just the advisers that start looking elsewhere. Exchange Street Recruitment #ifajobs #financialplanning #financialservice #careers
It's a wonder how companies attract financial advisers in the first place if they do not have a remuneration package that recognises contribution to client service.
Financial Adviser Dip PFS, Cert CII (MP)
2moI don't think you can be a client focused firm if you simply reward planners for acquisitions and not retention. In fact, in some cases it's harder to retain an existing client when they have already had a terrible client journey with their previous planner and your job is to turn it around.