So how can you create a compensation plan around these teaming strategies? We do it in a variety of ways, with the advisor being able to select a compensation scheme that suits them best at the time. For example, some advisors want a straight salary. Others may want most of their compensation to be variable, based on performance. Still others may be more comfortable with a mix of both.
In part because of this team approach, women represent over 53% at Merit and the number continues to grow.
Flexibility Is key
Our team structure also allows us to be flexible with working hours. In addition to a generous personal time-off policy, we are very accommodating on a personal basis and sensitive to the need for work-life balance. It’s important to understand that many people are responsible for childcare and, often, care for older parents and relatives. Typically, this responsibility falls on women, so we support flexibility, which we find is rewarded by higher productivity, loyalty and retention.
Lead By Example
It’s one thing to create these changes but firm leaders must also live them. It’s no secret that I have five children and often take time during the workday to participate in their important school events. Other women see that I respect, understand and appreciate the role a parent plays in a child’s life and my taking time to do things with my children provides the confidence and security for them to do the same.
Male allyship is another critical component. My partner, CEO Rick Kent, continues to support and advocate for women in our firm and in the industry. He recognizes and appreciates why rethinking how we approach our business will help in attracting more women to our profession.
Invest In Them
More often than not, women want to continue to finetune their professional skills and appreciate when firms offer training and leadership programs to help them do just that. Recently, we launched a leadership development program that came as a direct ask from our female leaders. We now offer coaching and training in a variety of areas and envision this continuing to act as a wonderful added value for our female team members.
Women play a key role in a firm’s current and future success. By offering flexibility, training and a differentiated approach to being an advisor, our firm has attracted outstanding women and others who probably never would have considered a career in financial advice in the past. By broadening our concept of advisor success, our firm has benefited immeasurably from their contributions. Your firm can too.
Kay Lynn Mayhue is president of Merit Financial Advisors, a national wealth management firm with over $5.6 billion in assets that support advisors affiliated with independent broker-dealers, as well as those who are registered investment advisors.