Practice Manager Salary question
We are in a modest size county, close to a big city, but a long commute
For those with a Practice Manager, interested in average salary
3 unlicensed staff, 400ish clients

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Posting as :
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What is AUM? How many advisors?

@ $150 million, 1 advisor

What do the 3 unlicensed staff do? Seems like over kill. Why not just have 1 licensed staff or junior advisor and admin? What would the practice manage do that the staff member can’t do? The junior advisor can service some of lower tier clients.

One of the 3 is the practice manager, one for scheduling and meeting prep, one for money movement, paperwork etc, no junior advisor as of yet. PM personnel issues, manages other staff, creates SOPs, tracks business metrics, compliance and more

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To me it seems like there is a lot of unnecessary fluff in what your staff does. We have several advisors at our firm who have a bunch of staff. I think for their own egos. I am not saying that is you, you are obviously successful in what you have built so far. I bet if you ally did a deep dive you could release 1 or 2 employees, save 100k and have less stress managing the staff and still grow at the rate you want. Everything is automated in today’s paperless world. I have 105m AUM, its me and an admin that I share. I do receive back office support from my B/D based on production which is nice. Maybe I will feel different in a few years when I am at 150m.
To answer your question from OP, I think base of 75k plus % revenue growth would be decent starting comp for practice manager.

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