DENVER – The Financial Planning Association® (FPA®) and Financial Advisor IQ (FA-IQ), a member of the Financial Times family of news services, are pleased to announce a partnership to conduct an in-depth compensation study of advisory businesses that will take place in the first quarter of 2015.
The research, to be conducted with the FPA Research and Practice Institute™, will look closely at how advisory firms today are compensating principals, executives, advisers and support staff. The research will result in a series of reports to be introduced at FPA Retreat in Atlanta, April 20-24, 2015.
“We are thrilled to have the opportunity to work with FA-IQ on this project,” said FPA Executive Director and CEO Lauren M. Schadle, CAE. “Advisory businesses today need quality data so they can be sure they are adequately compensating employees. The reports we are planning to develop will give those in the profession appropriate benchmarks for all employee levels and types.”
The 2015 Financial Planning Compensation Study will help advisers in all channels determine whether they are paying employees fairly and being paid fairly themselves, given firm size, individual qualifications and other metrics. The study will also delve into benefit and incentive programs and other forms of compensation.
“As robots and other low-cost competitors squeeze traditional practitioners, advisers need reliable compensation benchmarks more than ever,” says Joan Warner, managing editor of FA-IQ. “We’re excited to be collaborating with FPA and the FPA Research and Practice Institute™ to produce independent, comprehensive data and analysis.”
FPA conducted similar studies in 2010 and 2012, but this will mark the first time it will be conducted with a partner.
“Since 2013, FA-IQ has done some terrific reporting on the business of financial planning to help advisers run better businesses. We look forward to working closely with them in the coming months to create a resource that all advisers can use,” added Schadle.