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Benchmarking Study on Trends in Advisory Firm Hiring, Typical Employee Benefits, and Average Advisor Compensation
Michael Kitces in Nerd's Eye View
July 13, 2015
"[T]he most common employee benefit is the typical offering of vacation time, offered by a reported 90% of firms (along with 81% who provide sick time, 57% that provide bereavement leave, and 46% offering maternity leave).... From there, the next most common employee benefit was health insurance, offered to staff in 75% of advisory firms (and paired with a Health Savings Account in 33% of firms, and a Flexible Spending Account in 25% of firms).... When it comes to employer retirement plans, there were 67% of firms offering a 401(k), another 14% of firms using a SIMPLE IRA, 10% providing a pension, and 3% using a SEP IRA.... the next most common employee benefit was covering the cost for licensing and exam fees, at 68% of firms, followed closely thereafter by financial support for professional development (e.g., conferences) at 61%, and financial support for designations/technical training at 56%."
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