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Often times advisory firm owners struggle over associate, junior advisor and even partner compensation. They cannot gauge starting salaries, so they keep pushing the human capital decisions off, which is detrimental to the overall success of the firm.

Not knowing the best practices around compensation also impacts existing employees.

Here are some useful tips based on my interviews with a handful of industry experts.

Be creative with compensation

The dollars deposited into an employee’s bank account are not the only thing that attracts and motivates a member of your staff.

Vanessa Oligino, director of business performance solutions at TD Ameritrade Institutional advised owners of RIAs to “think beyond cash.” She said that a focus on total rewards is more important. Retirement, health benefits and intangible perks should be a focus.

Oligino referenced a Gallup study, the 2017 State of the American Workforce. She pointed out that it says “a significant increase in income” is the fourth item people take into account when considering a new career opportunity.