Affect on advice firm salaries
When it came to average salaries, the report again found some evidence that DFM adoption could affect take-home pay. Just under half (48%) of all adopters reported an increase in salary at some level, while 40% of adopters reported no change. Only 12% reported a drop in their salary post-adoption.
Of the significant group which reported an increase, more than a quarter (26%) reported an increase of at least 10% following the adoption of a discretionary fund manager. A further 12% reported an increase of 20% or more in their average salary post-adoption.
While the survey and report shouldn’t be taken in themselves as evidence that adoption of DFM results in increased revenue for advisers, they do provide some valuable context for discussing the different ways that DFM adoption or non-adoption can affect an adviser business when it comes to the crucial area of revenue and fees.
For more information, download the third chapter of Rathbone’s DFM research report.
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