The Price of Productivity - BWM
As margins shrink, advisers find imaginative ways to keep staffers happy and hardworking
Kathy Boyle wrestles with a spice mill in the kitchen of her New York office late one morning in November as she answers her phone to talk about the challenge of nurturing her small financial-advisory practice during a lengthy downturn. In a bear market, clients question what you’re doing for them, says Boyle, president of Chapin Hill Advisors, whose average client has more than $1 million in assets. You have to do more to service them. And for Boyle, that translates into doing more for employees as well€”to motivate the staff she counts on to handle such diverse tasks as preparing performance reports and getting cookies sent out to welcome new clients.