This is the second of a two-part series on how to recruit, retain and compensate advisors for your branch. In our previous posting, we focused on recruiting; below, we focus on how OSJs can best retain advisors at their branches through compensation and support.
At Cross-Search, we hear almost every day from advisors who are looking to leave their OSJ (Office of Supervisory Jurisdiction) because they no longer see value in staying. And consistently, we see that advisors who stay with their OSJ for the long term do so because of the value they receive in exchange for what they give up in payout.
In the first of this two-part series (Successful Tactics To Grow Your Branch), we talked about the importance of determining your unique value proposition for recruiting advisors to your branch. This value proposition is also crucial to retaining and determining compensation for those advisors.
The value proposition of successful OSJ branches to its advisors lies in the support offered to them. In fact, many successful OSJ branches resemble “mini-broker-dealers” with fully equipped offices, support staff, marketing materials, regular meetings with outside experts, networking opportunities and more. These OSJs act as liaisons between their advisors and the broker-dealer, offering support that allows advisors more time with their clients and less administrative hassle. One successful OSJ manager we know even gave up managing her own clients in order to service her branch full-time. In our experience, advisors at these types of OSJ branches rarely leave.