9/14/2015. Creating Effective Compensation Plans. About the Speaker. Agenda. Kelli Cruz Founder & Managing Director CRUZ CONSULTING GROUP 2

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1 Creating Effective Compensation Plans Kelli Cruz Founder & Managing Director About the Speaker Kelli Cruz brings more than 0 years of experience to her role as the founder of Cruz Consulting Group, working closely with advisory firm owners and executives of financial services institutions. She leads consulting engagements in strategic planning and human capital, including organizational design, compensation planning, performance management, and business succession. She is a frequent speaker at national industry conferences and a regular columnist for Financial Planning on practice management related topics. Prior to founding CCG, Kelli lead InvestmentNews Adviser Solutions and oversaw advisor consulting engagements as well as the InvestmentNews/Moss Adams research studies. Kelli was a director in Advisor Services at Charles Schwab where she pioneered the industry s first human capital practice management program covering issues from organizational strategy and design, compensation design, talent management, and succession planning for RIA advisory firms Agenda Compensation philosophy Compensation strategies for the generations Finding the right balance Developing an incentive plan Case study Q&A

2 Strategic Framework Cruz Consulting Group 4 4 Compensation & Rewards What is your compensation philosophy? How do you want to attract, retain and motivate good people? What pay range should you target? How competitive do you want to be? How competitive is the advisory services industry in your market? What is your firm s cost structure and future financial outlook? Most important, how Cruz does Consulting your Group compensation philosophy fit into your overall business plan? 5 5 Sample Compensation Philosophy Statement ABC Firm believes that our rewards and recognition programs are essential for communicating performance expectations, for improving service quality, and productivity and for recognizing contributions to the firm s success. The objectives of our compensation programs are to: achieve a performance-driven work culture that generates firm growth. provide clear focus and measurement on key objectives with a meaningful link to rewards. provide competitive compensation opportunities that attract and retain top performers, focusing on external competitiveness as the primary driver of pay opportunities. Cruz Consulting Group 6 6

3 Compensation Strategies for the Generations 7 7 Millennials (Born ) Looking for a total life compensation package: Flexibility is key (hours and dress code) Fitness or health awareness programs Technical gadgets & ear buds Training & educational reimbursement Seek opportunities to learn & grow 8 Gen X (Born ) Driven by competitive compensation packages, but value time over money. Thrive on challenge think career lattice rather than a career ladder. Value formal & transparent career development plans and succession strategies. Respond well performance management processes that provide direct, honest feedback. 9

4 Baby Boomers (Born ) Motivated by traditional benefit packages that include deferred compensation and high matches in retirement/pension programs. In direct contrast to millennials and GenXers, baby boomers find a sense of self in their work, public recognition in company newsletters or meetings. Unmistakably loyal, boomers will remain committed to a company as long as it provides security and benefits. 0 Successful Compensation Plans What is a Successful Compensation Plan? Pays everyone fairly Retains critical employees A compensation plan is a combination of six major components: Base Salary Short-Term Incentive Long-Term Incentive Benefits and Perks Retirement Plan Equity Compensation rarely acts as a satisfier, but can Cruz often Consulting be a Group dis-satisfier. 4

5 Breaking Down the Components Component Average % of Total Compensation Base Salary 50 80% Incentive Compensation 5 5% Benefits & Retirement 0 5% Taxes 6 8% Components of a Total Compensation Package Salary Pay For Time Worked $5,577 Pay For Time Off $,4 Total Salary $7,000 Total Compensation Statement for Administrative Assistant Target Incentive 0% of Total Salary $,700 Total Target Incentive $,700 Benefits Medical $,500 Dental $,000 Vision $50 Life Insurance $80 Short Term Disability $5 Long Term Disability $75 40k Plan $,000 Other Benefits $0 Other Benefits $0 Other Benefits $0 Total Benefits $7,040 Taxes Social Security $,40 Medicare $798 Unemployment $40 Other Tax $0 Total Taxes $4,68 Cruz Consulting Group TOTAL COMPENSATION $5,68 4 Source: 0 InvestmentNews/Moss Adams Adviser Compensation & Staffing Study. 4 Finding the Right Balance: Fixed & Variable Compensation 5 5 5

6 Compensation Benchmarking Key Points: Benchmarks are just benchmarks. They are a sniff test. There is no one-size-fits-all solution. Benchmarks should be based on actual job functions and not based on job titles. The compensation benchmarking answers depend on the compensation philosophy, culture, client experience, and what you are trying to build strategically. Cruz Consulting Group 6 6 What is Base Salary? Base salary = fair compensation for an employee s roles and responsibilities. Define a salary range for each position based on: The value of the position to your firm The market value of the position Revisit the salary range on an ongoing basis and adjust as needed with market changes. Beware of cost-of-living adjustments. Move an employee within the range as their job size, responsibilities and skill sets change. Owners should be paid the same way non-owners are paid for doing the same job. Cruz Consulting Group 7 7 What is Incentive Compensation? Incentive compensation = meeting or exceeding stretch goals. Incentive plans should be tied to the overall firm strategy and vision. Show employees how the incentive is a financial partnership between them and the firm. Should build a unified vision for the firm and your employees. Everyone should participate. Cruz Consulting Group 8 8 6

7 What an Incentive Plan is Not Not a replacement for performance management. Should not force behavior. It should not replace active communication. Should not be used to fix the firm s culture. Cruz Consulting Group 9 9 Developing an Incentive Plan 0 0 Incentive Plan Essentials Firms should: Define key priorities & initiatives that tie to your overall business plan. Define the percentage of at risk or incentive compensation for each role: Value each role in your firm Determine incentive metrics (stretch goals) for each role/individual: Can be both financial and non-financial goals Determine the funding mechanism of the incentive pool, timing of payment and what triggers the pool. Develop & communicate the incentive plan. Cruz Consulting Group 7

8 How Much Incentive Pay Should Employees Receive? Position Level Average % of Total Compensation Business Development 50 75% Professionals (Advisors) 5 0% Dedicated Management 5 0% Technical Specialists 0 0% Support Staff 0 5% Administrative Staff 5 0% Advisor Incentive Metrics Personal revenue production New revenue Total revenue managed Personal client production New clients Client retention Client satisfaction New assets Skill development, attaining certifications Cruz Consulting Group Support Staff Incentive Metrics Client segmentation projects Client events Marketing projects Technology projects Client service delivery Skill development, attaining certifications Cruz Consulting Group 4 4 8

9 Team Incentive Metrics New business development Client referral program Technology initiatives Marketing initiatives Special projects 5 5 Determining Incentive Metrics Key considerations include:. How might the economic environment or other external/internal factors influence the metrics?. Is it more important to reward results, activities, or both?. Are the metrics aligned with firm goals? 4. Can participants generally control the metrics for which they will be held accountable? 5. Can the metrics be tracked? Over what time period and at what level? 6. Include no more than five metrics 7. Metrics should be complementary (not duplicative) 8. No less than 0% of an overall award should be tied to any one metric. 6 Funding Mechanisms Options for funding the incentive pool: Percent of firm revenue Percent of firm profit Percent of firm profit above an operating profit margin threshold Model the implications of your pool 7 7 9

10 Communicate & Implement the Plan Create individual incentive plan worksheets for each employee & distribute. Quarterly discuss progress and results. 8 8 Case Study 9 9 Insights From A Barron s Top Woman Advisor* Firm Profile Revenue Location Years in Business $.8 Million New York Metro 7 Short-term: The Challenges CEO lacks capacity Aggressive growth goal but current compensation plan doesn t support firm goals Long-term: No succession plan Initial Steps Hires COO to take over management and assist with leadership Engages consulting firm to: Create a sustainable short term incentive compensation plan to support overall firm goals *Barron s: Top 00 Women Financial Advisors of 0 0 0

11 Reasons for the Consulting Engagement Validate that compensation is competitive with peers in the marketplace. Create an annual incentive plan that is affordable & sustainable for the firm. Aligns each employee s contributions to the success of the firm. The Results of the Consulting Engagement Greater alignment with the firm s strategic plan and firm/individual outcomes. Validation of market competitiveness and a sustainable, regular total compensation evaluation process. Fiscal sustainability of the plan over time. Regular, more frequent performance conversations about what is going well and what needs improvement. Greater individual ownership of performance and accountability for sustained success. Final Thoughts

12 Potential Plan Hurdles Lack of strategic alignment among individuals, teams and the total firm. Financial and performance metrics are undefined or misunderstood. Measurement and scalability mechanisms do not currently exist. Plan administration should not be overly burdensome or require regular exceptions. Lack of communication - clearly communicate to employees how your incentive plan works and when it will be paid out. 4 Other Plan Considerations Incentive rewards are not for activities that represent the minimum requirements of the role. Changes and exceptions will be required along the way. Be mindful of unintended consequences. Individuals will respond to all compensation plan changes. 5 Compensation plans do not manage people. People manage people. 6 6

13 Q&A 7 7 Contact Us Kelli Cruz Founder & Managing Director Lattie Lane Mill Valley, CA 9494 Office: Jennifer Specter Managing Director PO Box 407 Reno, NV 895 Office:

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