News | 02.10.20
RIAs on Hiring Binge Offer Ownership, Other Perks
According to the Schwab RIA Compensation Report, 70 percent of an advisory firm's revenue is spent on compensation. Total compensation is also climbing, with 75 percent of advisory firms looking to hire new employees. The median compensation for investment portfolio managers has risen 15 percent to $173,000. Meanwhile, median compensation for operations managers has increased 10 percent to $101,000. The trend is being driven by rising demand for financial planning services. Competition among advisory companies has also grown strong as firms work to lure and keep talented advisors. Companies are making offers that include benefits like health insurance and stock ownership.
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