Top Risks and Controls for Wealth Management

The Fastest Growing RISK REGISTER for Banks, Insurance Companies, Brokerage Firms, Money Service Bureaus and Fintechs

Nov 2024

A crucial job in a bank is wealth management, which entails managing and investing clients' money to get the highest profits.

But there are risks involved with managing money, and these risks could have a negative impact on both clients and the bank.

As a result, risk assessments are crucial for the wealth management section of a bank to perform in order to detect and assess potential risks and take the required action to minimise them.

Banks can protect the assets of their clients, uphold their clients' confidence, adhere to regulatory obligations, and preserve their reputation by undertaking risk assessments.

Financial Planning Function

Offers clients financial planning services, such as estate planning, tax planning, and retirement planning.

RISK : Client Acquisition
Another challenge is attracting and retaining high-net-worth clients, who typically have more complex financial needs and require more personalized service. Commercial banks may struggle to differentiate themselves from competitors and convince clients to trust them with their wealth management needs.

Controls :

Develop a personalized approach: Commercial banks can develop a personalized approach to attract and retain high-net-worth clients. They can assign dedicated wealth managers to each client and provide customized solutions to meet their specific needs. By doing so, they can establish trust and build long-term relationships with clients, which can help them differentiate themselves from their competitors.
Offer a range of financial services: Commercial banks can offer a range of financial services, including investment management, estate planning, and tax advice, to attract and retain high-net-worth clients.

RISK : Client trust and satisfaction
Wealth management clients expect high levels of service and expertise from their financial advisors. Banks must work hard to build and maintain client trust, and to ensure that clients are satisfied with the services they receive. This can be challenging, as client needs and expectations can be complex and varied.

Controls :

By providing comprehensive training programs, banks can equip their financial advisors with the knowledge and skills they need to meet the complex and varied needs of their clients. This training should include both technical expertise and soft skills, such as communication and relationship-building.
Developing a thorough client onboarding process can ensure that client needs and expectations are fully understood and met. This can include conducting comprehensive client assessments, setting clear expectations, and regularly reviewing and updating the client's financial plan to ensure it remains relevant and aligned with their goals.

RISK : Complexity of client needs
Wealth management clients often have complex financial needs that may require sophisticated financial planning services. This can be challenging for banks, as it may require a significant investment in training and technology to deliver these services effectively.

Controls :

Advanced Technology Integration: Invest in cutting-edge financial planning software and technological tools that streamline processes and enable efficient delivery of services. Integrated wealth management platforms can automate calculations, generate personalized reports, and facilitate collaboration between advisors and clients, enhancing the effectiveness and scalability of financial planning services.
Robust Training and Education Programs: Implement comprehensive training programs to equip wealth management teams with the necessary skills and knowledge to address complex financial needs. Offer specialized courses and certifications to enhance their expertise in sophisticated financial planning, ensuring they can provide tailored solutions to clients effectively.

RISK : Compliance and regulatory requirements
Banks must comply with a range of regulations and compliance requirements when offering financial planning services to clients. These requirements can be complex and time-consuming, and failure to comply can result in significant legal and financial penalties.

Controls :

Regular Internal and External Audits: Conducting regular internal audits to assess compliance with regulations and identify any gaps or areas of improvement. Additionally, engaging external auditors to perform independent reviews can provide an unbiased evaluation of compliance practices and help uncover potential issues before they escalate.
Robust Compliance Management System: Implementing a comprehensive compliance management system that includes policies, procedures, and controls tailored to the specific regulatory landscape. This system should facilitate ongoing monitoring, training, and audits to ensure adherence to regulations and mitigate potential non-compliance risks effectively.

RISK : Talent Acquisition and Retention
One of the main challenges faced by commercial banks is attracting and retaining top talent in the wealth management industry. This is because skilled and experienced financial advisors are in high demand, and banks often have to compete with other financial institutions to hire and retain them.

Controls :

Competitive Compensation and Incentives: Offering competitive salaries, bonuses, and performance-based incentives can attract and retain top talent in the wealth management industry. By providing financial rewards that align with advisors' skills and experience, commercial banks can create a compelling value proposition for skilled professionals.
Robust Training and Development Programs: Implementing comprehensive training and development programs can enhance the expertise of financial advisors, making them more competent and desirable in the industry. By investing in ongoing education, mentorship, and professional certifications, banks can attract ambitious professionals seeking growth opportunities and demonstrate a commitment to their employees' career advancement.

RISK : Technology infrastructure
The delivery of financial planning services often requires sophisticated technology platforms that can integrate with a range of other banking systems and platforms. This can be expensive and time-consuming to develop, and may require ongoing investment to keep pace with evolving client needs.

Controls :

Robust Vendor Evaluation and Management: Implement a stringent vendor evaluation process to select technology platforms that align with current and future client needs. Establish clear performance metrics, contract terms, and regular performance reviews to ensure ongoing quality and cost-effectiveness.
Scalable and Modular Architecture: Design a technology infrastructure that allows for easy integration with other banking systems and platforms. Opt for scalable and modular architecture to accommodate evolving client needs, enabling seamless upgrades and enhancements without significant redevelopment costs.

Insurance Services Function

Offers clients insurance services, such as long-term care insurance, disability insurance, and life insurance.

RISK : Competition
The insurance market is highly competitive, with many providers offering similar products. Banks need to differentiate themselves by offering unique products or superior customer service to attract and retain clients.

Controls :

Product Innovation: Banks can mitigate the risk of intense competition in the insurance market by focusing on continuous product innovation. By developing unique and tailored insurance offerings that address specific customer needs or emerging market trends, banks can differentiate themselves from competitors and attract clients. This can include designing innovative coverage options, flexible payment plans, or value-added services that provide enhanced benefits to policyholders.
Superior Customer Service: Another effective control is to prioritize and consistently deliver superior customer service. Banks can invest in well-trained and knowledgeable staff who provide personalized assistance, prompt claims processing, and efficient communication channels.

RISK : Complexity of products
Insurance products can be complex and difficult to understand for clients, especially those who are not familiar with insurance. Banks need to educate their wealth management clients on the different insurance products available and help them make informed decisions.

Controls :

Client Education Programs: Implement comprehensive educational programs that provide clear and concise information about insurance products to wealth management clients. Offer workshops, seminars, and online resources to increase clients' understanding of insurance terminology, coverage options, and the potential benefits and risks associated with different products.
Personalized Financial Advisors: Assign dedicated financial advisors to wealth management clients, who possess in-depth knowledge of insurance products. These advisors should proactively engage with clients, assess their specific needs, and provide personalized guidance and recommendations tailored to their financial goals and risk tolerance. Regular communication and review sessions can ensure clients are well-informed and confident in their insurance decisions.

RISK : Cost
Offering insurance services can be costly, and banks need to ensure that the cost of providing insurance does not outweigh the revenue generated from the service. Banks need to carefully evaluate the cost-benefit analysis of offering insurance services to their wealth management clients.

Controls :

Cost-benefit analysis: Banks should conduct a thorough cost-benefit analysis before offering any insurance services to their wealth management clients. This analysis should evaluate the potential revenue generated by the service against the costs involved in providing it. By doing this, banks can determine if offering insurance services is a viable option or not.
Risk assessment: Banks should conduct a comprehensive risk assessment to identify the potential risks associated with offering insurance services. This assessment should include factors such as market conditions and regulatory requirements.

RISK : Integration
Integrating insurance services into a bank's existing wealth management platform can be challenging. Banks need to ensure that their systems are compatible with the insurance provider's systems and that there is a seamless integration between the two.

Controls :

Conduct thorough compatibility testing: The most effective control is to perform thorough compatibility testing of the bank's existing system and the insurance provider's system before integrating the two. This testing should ensure that the systems are fully compatible and that the integration is seamless.
Use standardized integration protocols: Standardized integration protocols, such as API integration or web services, can help ensure that the integration is seamless and that data is transmitted accurately between systems.

RISK : Regulation
Banks that provide insurance services need to comply with regulations set by the regulatory authorities. The rules and regulations can be complex, and the compliance requirements can add to the cost of offering insurance products.

Controls :

Regulatory Technology (RegTech) Solutions: Adopting RegTech solutions helps banks efficiently navigate complex regulations. Advanced software and data analytics assist in automating compliance processes, reducing manual errors, and staying updated with regulatory changes. RegTech tools also offer real-time reporting capabilities, enhancing transparency and reducing compliance costs.
Robust Compliance Management System: Implementing a comprehensive compliance management system enables banks to proactively identify, assess, and address regulatory requirements. This includes regular audits, staff training, and automated monitoring tools, minimizing compliance risks and potential penalties while streamlining processes.

Investment Management Function

Manages investment portfolios on behalf of clients, including advisory services, alternative investments, and discretionary portfolio management services.

RISK : Balancing liquidity and returns
Clients often want investment portfolios that provide both liquidity and high returns. However, it can be difficult to balance these two objectives, especially during times of market volatility.

Controls :

Diversification: Diversifying the investment portfolio can help mitigate the risk of market volatility by spreading investments across different asset classes and reducing the impact of any one investment on the portfolio's overall performance. This can also help achieve a balance between liquidity and high returns.
Regular Portfolio Rebalancing: Rebalancing the portfolio regularly can help ensure that the portfolio remains aligned with the client's objectives and risk tolerance. This can also help prevent the portfolio from becoming too heavily weighted towards one asset class, which can increase the risk of volatility.
Risk Management Strategies: Implementing risk management strategies, such as stop-loss orders, can help reduce the impact of market volatility on the portfolio's performance.

RISK : Compliance with regulatory requirements
Banks are subject to a range of regulatory requirements that govern how they manage their clients' investments. These requirements can be complex and time-consuming, and failure to comply can result in penalties and other legal consequences.

Controls :

Continuous Training and Education: Invest in ongoing training programs to keep employees up to date with the evolving regulatory landscape. By providing comprehensive knowledge and awareness of compliance requirements, employees can better understand their roles and responsibilities, reducing the likelihood of inadvertent non-compliance.
Robust Compliance Framework: Implementing a comprehensive compliance framework is crucial to ensure adherence to regulatory requirements. This includes regular audits, internal controls, and documentation processes to track and manage compliance effectively. Automated systems and software solutions can streamline and simplify compliance tasks, reducing the risk of errors and penalties.

RISK : Managing costs
Banks must also manage the costs associated with managing investment portfolios. This includes fees associated with trading, research, and other investment-related expenses, as well as costs associated with managing client relationships.

Controls :

Client Relationship Management Systems: Effective client relationship management (CRM) systems enable banks to efficiently manage and nurture client relationships, minimizing associated costs. Implementing a comprehensive CRM system allows for centralized client data management, automated communication, and personalized service delivery. This improves client satisfaction, retention, and ultimately reduces costs associated with managing client relationships.
Cost Optimization Strategies: Implementing robust cost optimization strategies is crucial to mitigate the risk of managing investment portfolio costs. This involves rigorous evaluation and negotiation of fees associated with trading, research, and investment-related expenses. Leveraging technology solutions, streamlining processes, and optimizing resource allocation can help reduce unnecessary costs.

RISK : Managing risk
Banks have a fiduciary responsibility to manage their clients' investments in a way that minimizes risk. However, managing risk is a complex task that requires careful analysis of market trends, economic indicators, and other factors that can impact investment performance.

Controls :

Diversification of Investments: Spreading investments across different asset classes, sectors, and geographies to reduce concentration risk. This strategy helps minimize the impact of adverse events in specific markets or sectors and ensures a more balanced portfolio. Diversification can be achieved through proper asset allocation, asset class selection, and continuous monitoring of the investment mix to maintain the desired risk-return profile.
Robust Risk Management Framework: Implementing a comprehensive risk management framework that includes regular risk assessments, stress testing, and scenario analysis to identify potential risks and develop effective mitigation strategies. This involves leveraging advanced risk models, data analytics, and sophisticated risk measurement techniques to proactively manage and mitigate investment risks.

RISK : Meeting client expectations
One of the biggest challenges for banks is meeting the expectations of clients. Clients may have different investment goals and risk tolerances, and it can be challenging to create investment portfolios that meet those needs.

Controls :

Diversification of Investment Portfolio: Diversifying the client's investment portfolio can help mitigate risk by spreading investments across different asset classes, sectors, and geographic regions. This can help minimize the impact of any one investment's performance on the overall portfolio.
Personalized Investment Advice: Providing personalized investment advice based on the client's investment goals and risk tolerance can help mitigate this risk. By understanding the client's needs and providing tailored investment options, banks can better meet the expectations of their clients.

RISK : Staying up-to-date on market trends
The investment landscape is constantly changing, and banks must stay up-to-date on market trends and developments in order to make informed investment decisions.

Controls :

Collaborative Partnerships: Building strong partnerships with reputable market research firms, industry experts, and financial advisors can provide banks with valuable insights and expert guidance. These partnerships enable banks to access specialized knowledge, forecasts, and tailored advice, ensuring they stay ahead of the curve in the ever-changing investment landscape.
Continuous Market Monitoring: Banks should establish robust systems for monitoring market trends and developments in real-time. This can include leveraging advanced analytics, AI algorithms, and dedicated teams to track key indicators, news, and emerging market patterns. Regularly updated market reports and analysis can help banks make timely and informed investment decisions.

Private Banking Function

Offers high-net-worth individuals and families individualised banking and investing services, including specialised investment portfolios, estate planning services, and other financial planning services.

RISK : Competition from private banks
High-net-worth individuals and families may prefer to work with private banks that specialize in providing personalized services to wealthy clients. Commercial banks may face challenges in competing with private banks in terms of offering customized services and building personal relationships with clients.

Controls :

Customized Service Offerings: Commercial banks should develop specialized service offerings catering specifically to the unique requirements of high-net-worth clients. This may include personalized investment strategies, access to exclusive investment opportunities, wealth planning, and estate management services. By offering comprehensive and tailored solutions, commercial banks can differentiate themselves and attract high-net-worth individuals and families.
Enhanced Client Relationship Management: Commercial banks should prioritize building and nurturing strong personal relationships with high-net-worth individuals and families. This can be achieved through dedicated relationship managers, personalized advisory services, and exclusive networking opportunities. By demonstrating a deep understanding of clients' needs and providing tailored solutions, commercial banks can effectively compete with private banks.

RISK : Regulatory compliance
Commercial banks must comply with strict regulatory requirements that can impact their ability to offer personalized services to high-net-worth clients. Banks must ensure that they comply with all regulations, including those related to anti-money laundering, know-your-customer, and privacy.

Controls :

Dedicated Compliance Team: Establishing a dedicated team of compliance professionals well-versed in regulatory requirements can help banks navigate complex compliance landscapes. These experts can stay updated on evolving regulations, ensure adherence, and provide guidance to the bank and its high-net-worth clients, enabling a balance between personalized services and compliance.
Robust Compliance Automation: Implementing advanced technology solutions, such as AI-driven compliance systems, can streamline and automate regulatory processes, reducing manual errors and ensuring efficient adherence to anti-money laundering (AML), know-your-customer (KYC), and privacy regulations. This allows banks to focus on providing personalized services while maintaining compliance.

RISK : Talent acquisition and retention
Commercial banks must attract and retain talented professionals with the expertise and experience necessary to provide personalized services to high-net-worth clients. This can be challenging due to competition from private banks, asset management firms, and other financial institutions.

Controls :

Career Development and Growth Opportunities: Banks can offer professional development programs, leadership training, and other opportunities for career growth to retain talented professionals. This control not only helps to retain employees but also helps to improve their skills and expertise, making them more valuable to the bank.
Competitive Compensation and Benefits Packages: Commercial banks should offer competitive salaries, bonuses, and benefits packages to attract and retain talented professionals. This control is the most effective as it directly addresses the root cause of the problem by offering attractive incentives that keep talented professionals satisfied and motivated.

RISK : Trust and confidentiality
High-net-worth individuals and families value their privacy and expect their financial information to be kept confidential. Commercial banks must have strict security measures and privacy policies to maintain the trust of their clients.

Controls :

Robust Encryption and Data Security: Implementing strong encryption protocols and advanced data security measures, including multi-factor authentication and secure data storage, ensures that high-net-worth individuals' financial information remains confidential and protected from unauthorized access or breaches.
Stringent Access Controls and Authorization: Implementing strict access controls, role-based permissions, and regular monitoring of user activities helps ensure that only authorized personnel have access to sensitive financial information. This minimizes the risk of unauthorized individuals gaining access to confidential client data.

RISK : Unique needs and preferences
High-net-worth individuals and families often have unique needs and preferences that may differ significantly from those of the general population. They may require customized investment solutions, tax planning, estate planning, and more. Commercial banks must have the expertise and resources to meet these needs.

Controls :

Customized solutions: Offer customized investment solutions, tax planning, estate planning, and other services that meet the unique needs and preferences of high-net-worth individuals and families.
Expertise and resources: Ensure that the commercial bank has the necessary expertise and resources to meet the unique needs and preferences of high-net-worth individuals and families. This may include hiring experienced professionals who specialize in wealth management, tax planning, and estate planning, as well as investing in technology and other resources to provide customized solutions.

Trust and Estate Services Function

Provides clients with trust and estate administration services, such as managing clients' assets and serving as a trustee or executor in estate and trust matters.

RISK : Client communication
Trust and estate administration services often involve complex financial transactions and legal concepts, which can be difficult for clients to understand. Banks must be able to communicate effectively with their clients to ensure that they understand the services being provided and are comfortable with the decisions being made.

Controls :

Clear and Transparent Communication: Establishing effective communication channels and ensuring clear, concise, and jargon-free communication is essential. Banks should provide easily understandable explanations of complex financial transactions and legal concepts, ensuring clients fully comprehend the services offered and the decisions being made.
Dedicated Client Education: Implementing comprehensive educational programs that empower clients with knowledge about trust and estate administration. This can include seminars, webinars, informative materials, and personalized consultations to address client queries and concerns. Proactive education enhances client understanding and promotes confidence in decision-making processes.

RISK : Competition
There are many other providers of trust and estate administration services, including law firms and independent trust companies. Banks must be able to differentiate themselves from these competitors by providing high-quality services and building strong relationships with their clients.

Controls :

Exceptional Service Delivery: Banks should prioritize delivering high-quality services that exceed client expectations. This entails providing efficient and accurate trust and estate administration services, being responsive to client inquiries and needs, and ensuring a seamless and personalized experience throughout the process. By consistently delivering exceptional service, banks can differentiate themselves from competitors and foster strong relationships with their clients.
Tailored Relationship Management: Building strong relationships with clients requires a personalized approach. Banks should invest in relationship management strategies that allow them to understand each client's unique needs, goals, and preferences. This involves assigning dedicated relationship managers who can provide individualized attention, proactive communication, and tailored solutions.

RISK : Fiduciary responsibilities
Banks that provide trust and estate administration services act as fiduciaries, which means that they have a legal obligation to act in the best interests of their clients. This can be challenging, particularly when clients have complex financial situations or conflicting interests.

Controls :

Employee training and education: Providing regular training and education to bank employees who are involved in trust and estate administration services can help ensure that they understand their fiduciary responsibilities, including the duty to act in the best interests of their clients. This can help mitigate the risk of employees acting inappropriately or in conflict with their clients' interests.
Regular audits and reviews: Conducting regular audits and reviews of the trust and estate administration services can help identify any potential issues or conflicts of interest. This can help ensure that the bank is meeting its fiduciary obligations and acting in the best interests of its clients.

RISK : Legal and regulatory compliance
Trust and estate administration services are subject to a wide range of laws and regulations, including state and federal tax laws, trust and estate laws, and securities laws. Banks must ensure that they are in compliance with all applicable laws and regulations, which can be a complex and time-consuming task.

Controls :

Implementing a robust compliance program: This involves developing policies and procedures that address all applicable laws and regulations related to trust and estate administration. The compliance program should include regular training for employees, monitoring of compliance activities, and periodic audits to ensure that the program remains effective and up-to-date.
Maintaining a skilled and knowledgeable workforce: Banks should hire and retain qualified professionals who have expertise in trust and estate administration, tax laws, and securities laws. Training programs and continuing education should be provided to employees to ensure they stay current with changes to laws and regulations.

RISK : Risk management
Trust and estate administration services can be risky, particularly if banks are not familiar with the specific needs and circumstances of their clients. Banks must have robust risk management policies and procedures in place to mitigate these risks and ensure that their clients are protected.

Controls :

Robust Risk Assessment Framework: Implementing a well-defined risk assessment framework allows banks to identify, analyze, and mitigate potential risks associated with trust and estate administration services. This includes evaluating operational, legal, and reputational risks, ensuring that appropriate risk management policies and procedures are in place.
Thorough Client Due Diligence: Banks should conduct comprehensive due diligence on their clients, including understanding their specific needs and circumstances. This helps in tailoring the trust and estate administration services accordingly, reducing the risk of misunderstandings or mismanagement.

RISK : Staffing and training
Providing trust and estate administration services requires specialized knowledge and expertise. Banks must have qualified and trained staff to provide these services and must invest in ongoing training and development to keep their staff up-to-date with the latest legal and regulatory requirements.

Controls :

Continuous Professional Development: Establish a culture of ongoing learning and development, encouraging staff members to participate in relevant industry conferences, seminars, and workshops. Promote continuing education opportunities, such as specialized certifications, to enhance their knowledge and stay up-to-date with the latest advancements in trust and estate administration.
Rigorous Staff Qualification and Training Programs: Implement comprehensive programs to ensure that all staff members involved in trust and estate administration undergo extensive training and possess the necessary qualifications, certifications, and expertise. Regularly update training modules to cover evolving legal and regulatory requirements, ensuring staff competence and awareness.

Wealth Advisory Function

Offers clients wealth advisory services, such as guidance on investment strategies, portfolio management, and financial planning guidance.

RISK : Client acquisition
Building a robust client base can be challenging, especially in a highly competitive market. Commercial banks may need to invest in marketing and advertising to raise awareness of their wealth advisory services.

Controls :

Referral programs: One of the most effective ways to build a client base is through word-of-mouth recommendations from satisfied clients. Commercial banks can establish referral programs that incentivize existing clients to refer new clients. This can be a cost-effective way to generate new business.
Relationship building: Building strong relationships with clients is essential for retaining them and generating new business through referrals. Commercial banks can invest in training their wealth advisors to develop strong interpersonal skills.
Targeted advertising: Commercial banks can invest in targeted advertising campaigns that focus on reaching potential clients who are most likely to be interested in their wealth advisory services. For example, they could advertise on financial news websites or in publications read by high net worth individuals.

RISK : Competing with specialized wealth management firms
Commercial banks face stiff competition from specialized wealth management firms that focus solely on providing wealth advisory services. These firms may have more experience and expertise in the area, making it difficult for commercial banks to compete.

Controls :

Diversify Services: One effective control to mitigate the risk would be for commercial banks to diversify their services to include specialized wealth management offerings. This would enable banks to leverage their existing customer base and infrastructure while also providing a more comprehensive suite of services to clients.
Enhance Expertise: Another control would be for commercial banks to invest in hiring experienced wealth management professionals or training their existing staff to increase their expertise in the field. This would help to close the knowledge gap between banks and specialized firms and allow them to compete more effectively.

RISK : Compliance and regulatory issues
Providing wealth advisory services involves complying with a range of regulatory requirements, such as KYC (Know Your Customer), AML (Anti-Money Laundering), and suitability requirements. Ensuring that the bank is compliant with these regulations can be challenging, especially as regulations can change frequently.

Controls :

Automated Risk Monitoring and Reporting: Utilizing advanced technology solutions to automate risk monitoring and reporting processes. This includes real-time transaction monitoring, customer due diligence tools, and suspicious activity detection algorithms. Automation improves efficiency, reduces human error, and enhances the bank's ability to identify and report potential compliance breaches promptly.
Robust Compliance Management System: Implementing a comprehensive compliance management system that includes regular updates and monitoring of regulatory changes, clear policies and procedures, and ongoing employee training on KYC, AML, and suitability requirements. This system ensures that the bank remains aware of and adheres to evolving regulatory standards.

RISK : Limited resources
Providing wealth advisory services requires significant investment in technology, training, and infrastructure. Commercial banks may find it difficult to allocate the necessary resources to build and maintain a robust wealth advisory offering.

Controls :

Risk assessment and resource allocation: Conduct a comprehensive risk assessment to identify potential gaps in technology, training, and infrastructure. Allocate resources strategically to address these gaps and prioritize investments based on their potential impact on the wealth advisory offering. Regularly review and update resource allocation strategies to ensure ongoing effectiveness.
Strategic partnerships and outsourcing: Explore partnerships with fintech companies or specialized wealth advisory firms to leverage their existing technology platforms, training programs, and infrastructure. This allows commercial banks to access advanced capabilities without incurring the full cost of development and maintenance. Establish robust contractual agreements and continuous monitoring processes to ensure quality and data security.

RISK : Talent acquisition and retention
Finding and retaining experienced wealth advisors can be difficult, especially when specialized wealth management firms offer higher compensation packages and more attractive career prospects.

Controls :

Competitive Compensation and Benefits: Offer an attractive compensation package that includes competitive salaries, performance-based bonuses, comprehensive benefits, and opportunities for professional growth. This can help attract experienced wealth advisors and incentivize them to stay with your firm.
Employee Development and Mentorship Programs: Establish robust training programs and mentorship initiatives to nurture and develop the skills of your wealth advisors. Provide ongoing learning opportunities, such as industry certifications and advanced training, to enhance their expertise and career prospects within your organization.