December 14, 2021 – Fragasso Financial Advisors published a blog post detailing year-end compensation structures to avoid pitfalls. The article, which was written by Daniel Dingus, CFP (R), AIF (R), MBA, used Charles Dickens’ short story, A Christmas Carol, to underline the unsavory nature of the compensation changes dictated by news organizations at this time of year.
As noted in the blog post, many financial advisors began their journeys in the industry with the intention of helping others achieve their financial goals. And to this day, many of them advise and are guided by this goal, regardless of the structure in which they operate. But just as Scrooge felt when he assessed the ghost vision of past Christmas, some advisers are greeted with nostalgia and regret every time they look back to assess the progress they have made in their careers. .
While nostalgia comes from looking back on how they worked diligently to build their business portfolio and client base from persistence and a relentless desire to succeed, regret creeps in once. they are faced with the fact that a lot of their efforts go unrewarded, and they are treated only as a producer. This feeling of underappreciation can be felt every year when new compensation plans and bonus structures are announced.
As Fragasso Financial Advisors has pointed out, many brokers and financial advisors are faced with an ever increasing level of production that increases more and more and reduces payments to fractions of what is reasonable and deserved. And just when it looked like it couldn’t be worse, minimum account sizes are being implemented that can limit or even eliminate account advisor compensation for valued friends, family members, and young professionals. emerging which will become a considerable wealth later.
While the structure described above is unlikely to change anytime soon, Fragasso Financial Advisors gives advisors the ability to change the structure and mindset in which they operate. The company insists that by adopting its independent model, advisers would be freed from arbitrary compensation restrictions, account minimums and absurd production changes. The Fragasso Independent Advisor Solutions model enables advisors to reach their full potential for compensation and business growth while guiding clients towards their financial goals in a fiduciary framework without potential bias.
Investment advice offered by representatives of the Investment Advisors through Fragasso Financial Advisors, a registered investment advisor.
About Fragasso Financial Advisors
Fragasso Financial Advisors, Inc. is an independent investment management and financial planning firm, owned primarily by its employees. Founded in 1972, the company today has $ 1.8 billion under management and non-advisory assets combined. Its impartial approach allows it to act as a neutral party seeking investments suitable for its clients and adhering to a fiduciary standard without being distracted by a supplier’s list of choices.
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