Wealth management is a people business and relationship managers (wealth advisors) are considered the driving force behind new client acquisition and revenue generation. However relationship managers are an expensive resource to hire, train and retain so it is very important to understand the cost-income dynamics of new hires before making those key resourcing decisions.
Using historical sales data (a universal KPI) Rebase can help you to understand the typical lag time between hiring, client acquisition, asset accumulation and revenue generation across the markets in which you operate. Break even analysis and ROI models can then be created per relationship manager and the overall impact that your hiring plan has on your income statement can be determined. The models can also form the basis of KPI targets with all new hires being expected to validate against the model(s). (Different models may be required to take into account regions, markets, experience etc.).
