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December 11, 2023 at 02:56 PM
Competitive compensation has always been a crucial component of attracting and maintaining top talent. But in a growing RIA industry, firms are adapting to the evolving needs of their employees. Firms that give employees what they need in terms of pay have seen increases in assets under management, according to a recent study by Schwab.
RIAs are amplifying their compensation packages with additions like incentive pay, compensation tied to revenue generation and owner-profit distributions.
Adding to these gains, benefits packages are also taking shape to appeal to top talent. While benefits like health insurance are table stakes, some RIAs are looking toward non-traditional benefits like unlimited paid time off and remote/hybrid workplace roles.
The Schwab study involved 1,044 advisory firms and 14,500 employees across 27 common RIA roles. The data was collected from January to March 2023 and represented results from the 2022 calendar year.
See the gallery for 10 statistics on how RIAs pay and recruit employees, according to Schwab.
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