Financial Advisor Success Ep 362: Developing Associate Advisor Compensation Plans And Career Tracks To Scale Capacity Past $1.5B AUM with Jeff Brown
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Dec 5, 2023 Jeff Brown, President of Stratos Private Wealth, discusses his firm's innovative career track system for junior advisors. They focus on generating leads for advisors, performance indicators to guide career progression, and growth tactics like referrals and acquisitions. Jeff also reflects on his journey from a wirehouse to embracing supported independence and shares career lessons and the importance of setting ambitious goals.
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Two-Person Pods For Deep Planning
- Stratos Private Wealth structures teams with a lead advisor plus one or two associate advisors to scale deep planning services.
- This model prioritizes training associates from the ground up instead of hiring experienced rainmakers.
Bundle Planning Into AUM Fees
- Include full financial planning in your AUM fee so clients don't skip planning.
- Price it transparently (e.g., 1% to 1.5M then 50bps above) and explain it as a planning plus management split.
Niche Content To Attract Local Talent
- Create technical content aimed at local employer niches to attract targeted prospects.
- Use LinkedIn posts and videos on topics like mega backdoor Roth and company benefit choices to build credibility.