In order to retain great talent, you should pay slightly above the market and set the bar high so it will reduce the need for existing team members to shop around. If you wait until your people start looking, it will be too late. Bottom line - is its more effective to retain than replace.
It is critical to have updated compensation levels to retain and attract talent. In other words. Top Wealth Management talent should not have to resign for the existing client to pay them what they are worth in the industry.
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