Do you recall the excitement of December 6th from your childhood days in our part of the world? When St. Nicholas would arrive, and you had to wait with bated breath, maybe even with a hint of apprehension, for his appraisal? It’s somewhat akin to a Relationship Manager awaiting their performance review with their supervisor:
“Your revenues have not met set goals, and your client conversion in discretionary mandates has not reached expected levels.” This phrase recalls childhood, with Santa Claus gently pointing out, “There were times when your kindness to your parents or siblings faltered.” Understandably, both scenarios offer little room for justification. After all, neither Santa nor the higher-ups must deal with picky clients, nagging parents, or annoying siblings!
But here is the kicker: The gifts come instantly with St. Nicholas. On the other hand, a Relationship Manager often must wait several months for their “reward.”
However, with advanced independent wealth managers, things differ. With a suitable employment model, the goal is always transparently in the hands of the Relationship Manager. The “reward” comes in the subsequent month of a quarter’s end once the management fees are collected. After the agreed deductions, the financial result is plainly on the table – or in the bank account.
Naturally, this model demands fiscal discipline. It’s not quite comparable to the traditional model, where there is a significant “cha-ching” once a year. But the superior model remains a personal choice, yet what you have is yours.
The fact remains: Be it with St. Nicholas or in one’s profession, it’s about performance, feedback, and rewards. After all, life is an ongoing journey of learning and growth. 🌱
Source: LinkedIn
