Today we welcome back Jesse Lineberry to discuss the intricacies of compensation in the financial planning profession. We'll examine recent offers that have been both accepted and rejected, providing insights into industry trends. Discover the data from a salary survey, shedding light on the expected salaries for paraplanners, associate planners, and financial planners. We'll also delve into the evolving landscape of compensation structures in the financial planning field.
Listen in to learn how firms are aligning career plans and compensation paths to reward behavior and foster accountability, especially during the critical early years of a career. You will hear about the role of a strong company culture in supporting compensation packages for job seekers, the impact of experience on compensation, the preferences of younger planners regarding in-office or virtual work arrangements, and insights into financial considerations and bonuses.
What You'll Learn In Today's Episode:
- What we found out through the salary survey. (1:07)
- The trend we are seeing at New Planner Recruiting. (3:40)
- How we can create a career and compensation plan that encourages accountability. (5:50)
- The importance of having a good culture in the firm to back up your compensation packages. (10:30)
- How experience can impact the compensation packages available. (13:00)
- The importance of sticking to the compensation range you give your potential employer. (18:30)
- Why newer planners are hesitant to join smaller firms. (20:30)
Ideas Worth Sharing:“There has been a refocus back on candidates and firm owners finding the right fit.” - Jesse Lineberry Click To Tweet “There are advice-centric firms that are compensating and building compensation structures that are based on your ability to give advice and encourage that advice in the first 5-7 years of your career, which is really exciting.” - Jesse… Click To Tweet “Just because you make a strong offer or you offer the most doesn’t mean the job seeker is going to take it because the seeker may not see a long-term career with the firm.” - Caleb Brown Click To Tweet
Resources In Today's Episode:
- Jesse Lineberry: LinkedIn
- Finding your Path: The Roadmap from Student to Successful Financial Planner by Caleb Brown
In this roadmap, you'll be guided through the details of various stages of your financial planner career, including position descriptions, licensing, skill and experience level requirements, and compensation ranges.
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