Written in Partnership with Amir BakianAs the new year picks up, many financial advisors reflect on 2023 and wonder if 2024 will align with their path and aspirations. Jacqueline Campbell, Founder & CEO, Senior Wealth Advisor of Alexander Legacy Private Wealth Management, offers insights for advisors at this crucial time.
2023’s in the rearview mirror. Driving into a new year, financial advisors across the industry are reflecting on their achievements and considering the road ahead. In the corridors of financial institutions, discussions hum with the anticipation of change, growth, and the pursuit of something more. The end-of-year bonuses, often a highlight, prompt many to assess not just their immediate gains but also their long-term trajectory.
One recurring theme that these reflections revolve around is the navigation of compensation plans. In this dynamic realm, compensation plans can leave advisors questioning if they are on the right track.
As a result, the start of the year becomes a time not only for resolutions but also for adjustments, as individuals weigh whether their current compensation aligns with their aspirations or if a more lucrative opportunity awaits them somewhere else.
This is a narrative that resonates deeply with Detroit-based entrepreneur Jacqueline “JaQ” Campbell. Navigating the complexities of compensation throughout her career, she recognizes its pivotal role in shaping one’s professional journey and future.
Campbell is a recipient of the 2018 Investment News Woman to Watch award, the 2018 Chicago Defender Women of Excellence award, and the 2022 RIA Intel “New Practice of the Year” award. Today, she is the Founder and CEO of JaQperience, and the President & CEO, and Senior Wealth Advisor of Alexander Legacy Private Wealth Management. She also sits on the advisory boards for FinServe Foundation, Markets Group, and RIA Intel Institutional Investor.
As the CEO of Alexander Legacy Private Wealth Management (Alexander Legacy), Campbell brings a wealth of experience and insights into the nuanced world of financial advisory. Through her company, Campbell provides a platform for advisors looking to branch off from the big firms and go independent. Alexander Legacy, partnered with the Carson Group, a nearly $30 billion Registered Investment Advisor (RIA), which provides access to integrated technology, investment solutions, and back-office support.
For those on the outside looking in, it can seem like a big leap. It’s going from a bonus-chasing mindset to the dynamic world of business ownership.
In an industry where remuneration models can significantly impact an advisor’s decisions and motivations, Campbell emphasizes the need to align compensation structures with personal and professional goals.
“A lot of times in sales culture, there are compensation plan changes that take place at the beginning of the year, and sometimes it’s not in the best interest of the advisor,” she tells us. “It might be more in the best interest of the company, especially if they’re looking to cut expenses.”
For Campbell, compensation plans are dynamic frameworks that should evolve with an advisor’s growth and aspirations. The beginning of the year thus becomes a strategic period to evaluate whether the existing compensation structure complements the advisor’s journey or if there’s a more advantageous path that aligns with their vision for the future.
Shifting the conversation to the broader landscape of the financial advisory industry, Campbell underscores another critical factor for advisors’ success – technology. In an era where the pace of business is accelerating, she highlights the vital role of excellent technology in retaining and attracting clients.
Campbell draws attention to the challenges faced by some larger financial institutions, grappling with outdated systems she refers to as “antique stuff.” In a world reshaped by the impact of COVID-19, the need for advanced technology has never been more apparent. She encourages financial advisors to recognize that staying ahead requires not just financial acumen but also an investment in cutting-edge technology.
“Our technology at Alexander Legacy is integrated,” she says. “You can trade, monitor, financial plan, capture notes, everything with all the same tool. It was really important for us that we create that ease of being able to work efficiently.”
The beginning of a new year presents the perfect opportunity for financial advisors to assess not only their compensation plans but also the technological infrastructure that underpins their practice. The competitive edge, Campbell asserts, lies in the ability to seamlessly integrate technology into the client experience, enabling advisors to stay ahead of the curve and provide unparalleled service in a rapidly evolving financial landscape.
For those seeking a platform that embodies this forward-thinking approach, Campbell proudly shares that Alexander Legacy stands as the premier destination for financial advisors who are not employees, but company partners.
“That means that you are an equity holder of your business, this is an asset on your balance sheet, and our job is to help you supercharge that asset by helping you get access to leads, giving you support, and making sure that through our technology, our products, our planning, our advanced solutions, and all that we have, is given to advisors that plug into our ecosystem,” she says.
Anchored in a commitment to aligning compensation with advisors’ goals, cutting-edge technology, and a forward-looking vision for the industry, Alexander Legacy Private Wealth Management offers a dynamic opportunity where advisors can thrive and lead in the ever-evolving world of financial advisory, all while being location independent.
To learn more about how Jacqueline Campbell and Alexander Legacy Private Wealth Management can help you take your financial advisory business to the next level, visit their website.
Alexander Legacy Private Wealth Management is a Carson Partner.
This partnership allows us to remain independent, meaning we have the freedom to make recommendations deemed to be in the best interest of our clients. We inspire our clients to live their lives by design, not by default. Through back-office support such as marketing, operations, technology, and more, Carson Partners helps advisors like us focus on what matters most – our clients.
https://www.alprivatewealth.com/our-partners/
About Carson Group
Founded in 1983 by Ron Carson and headquartered in Omaha, Nebraska, Carson Group serves financial advisors and investors through its three businesses — Carson Wealth, Carson Coaching, and Carson Partners. Carson Group has created an ecosystem dedicated to helping financial advisors unleash the full potential of their firms by providing marketing, compliance, technology, investment strategies, succession planning, M&A support, and coaching.
25415 Southfield Road | Southfield, MI 48075 | 877.206.6556
Investment advisory services offered through CWM, LLC, an SEC Registered Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.
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