High Net Worth
High net worth client needs are complex and highly demanding. Succeeding in this intensely competitive sector requires attracting and retaining managers and advisors with the specialist expertise demanded by these clients. It also requires understanding where your firm and advisors can improve their performance so that plans can be implemented to address these opportunities and trounce their competitors.
We advise high net worth firms and private banks on performance improvement and compensation issues and particularly how to align pay with performance. We have extensive experience structuring private banker and HNW advisor, product specialist and executive compensation and specialize in performance pay plans. Selected engagements include:
Relationship Manager Compensation: Designed a Global Private Banker compensation plan for a leading US-based private bank.
Product Specialist Compensation: Designed compensation plans for Portfolio Managers, Investment Experts, Trust Officers and Market Managers at several private banks and HNW investment management firms.
Bonus Pool Accrual Strategy: Designed an office compensation funding model for a HNW investment management firm.
Relationship Manager Retention: Assessed the retention risk for a private bank's top 20 Relationship Managers by determining how much each would be paid at competitor organizations versus their actual current compensation.
We conduct customized studies that examine special pay and performance topics. Selected studies include:
- Private Banker Pay and Performance: Measures private banking RM, Portfolio Manager, Trust Specialist and BDO performance and pay at each performance level. This report also ranks individual incumbents based on performance and pay relative their peers in the industry.
