Further, it noted that just 16% of firms currently maintain diversity initiatives.
As for compensation, the report found that from an upward trend perspective over the two-year period, 2017 to 2019, the median lead advisor compensation jumped 12.5% to just over $189,000 and the operations manager position saw an 8% increase.
Also of note, only four percent of firms are hiring recent college graduates for revenue-generating roles, the report found, and six percent are hiring professionals from outside of the financial services industry.
The online survey, fielded between February and March, included 405 qualifying firms completed submissions. Qualifying firms must have had a minimum of $100,000 in annual revenues and be in business for at least 12 months.