Ep 045: Compensating Employees For Profits Instead Of Revenue So They Understand The Advisory Business with Rebecca Pomering

Financial Advisor Success

Michael Kitces

News, Business, Entrepreneurship, Business News

4.8 • 696 Ratings

🗓️ 7 November 2017

⏱️ 109 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today’s guest is Rebecca Pomering, the Chief Practice Officer of Moss Adams, a mega accounting firm with more than $600 million in revenue and 2,800 employees, as well as a wealth management division with more than $2.1 billion in assets under management. After starting in the financial advisor consulting division at the age of 23, Rebecca took over the firm’s wealth advisors by the time she turned 30—right before the 2008 financial crisis—and has since nearly tripled the size of the firm.

Rebecca’s fascinating personal career spans consulting, leadership, and executive roles, and today you’ll hear the lessons she learned along the way. Listen in to hear how she managed to grow a wealth management firm within an established accounting firm, changes she had to make to keep Moss Adams on track during the market crash, her advice for young advisors, and so much more.

For show notes and more visit: https://www.kitces.com/45

Transcript

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0:00.0	Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with
0:07.1	financial planner, speaker, and consultant Michael Kitsis to hear stories of how leading
0:12.4	financial advisors navigated the inevitable challenges that arise on the path to success
0:17.4	and get insight from leading industry consultants about how to break through to the next
0:22.2	level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone.
0:28.6	Welcome to the 45th episode of the Financial Advisor Success podcast. My guest on today's podcast is
0:34.5	Rebecca Palmering. Rebecca is the chief practice officer of Moss Adams,
0:38.4	a mega accounting firm with more than $600 million in revenue and 2,800 employees, which
0:45.1	includes a wealth management division with more than $2.1 billion of assets on our management
0:49.5	and the consulting division that originated benchmarking studies for financial advisors.
0:54.5	What's fascinating about Rebecca, though, is that her own personal career spans across all of these business lines,
1:00.3	having started as a 23-year-old in the firm's financial advisor consulting division,
1:05.2	becoming a partner with Moss Adams by the time she was turning 30,
1:08.9	taking over Moss Adams' wealth advisors at 800 million of
1:12.1	AUM right before the financial crisis and nearly tripling the size of the firm in the
1:17.1	seven years after the market bottom, and now applying her practice management expertise
1:20.9	across all the professionals in Moss Adams' numerous industry niches.
1:25.7	In this episode, we talk in depth about Rebecca's lessons
1:29.1	learned in practice management in a career that spans consulting, leadership, and executive
1:33.3	roles with a particular focus on how to structure compensation for employee advisors, why
1:38.7	bonuses should be tied to both business development and the profitability of the firm, and why it's
1:43.5	a good idea to share
	...

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