Mirador Enhances Compensation Management Services

Wealthtech Firm Revitalizes Compensation Management With Expanded Team, Refined Data Processes; Sees Continued Demand For Outsourced Expertise

Janeesa Hollingshead, Contributing Editor, Wealth Solutions Report

Wealthtech services provider Mirador announced a revitalization of its compensation management services, including an expanded team and upgraded product capabilities to extend its offerings of data sourcing and uploading, system maintenance and new advisor onboarding.

The firm provides a range of managed services for financial reporting, technology solutions and products for the ultra-high and high net worth wealth management space. Its compensation management services provide sales, profitability and compensation reporting, as well as business insights for improving operations.

“Mirador provides clients with exclusive access to a dedicated team of experts who are committed to staying at the forefront of industry advancements and ensuring these advancements are vetted and implemented in a way that best serves each unique client need,” said the firm’s CEO and President, Joseph Larizza. “Our dedicated teams alleviate the challenges that in-house tech teams face in keeping pace with rapid market innovations and provide an extra layer of security for potential talent gaps.”

Data Processes Are Key To Enhancements

Joseph Larizza, CEO & President, Mirador

For the enhancements, the firm focused on refining workflows for retrieving, processing and automating data processes surrounding its compensation management offerings with the goal of improving speed, efficiency and the range of tools and solutions. The revitalized services will offer multiple solutions with new software partners.

Through enhanced data processes, Mirador will be able to provide counsel on the discipline around compensation management with attention to the efficiency of their clients’ businesses, aiming to identify and deploy the most appropriate technology to serve client requirements.

The firm’s Chief Solutions Officer, Michael Gault, said, “Comprehensive compensation management is fundamental to a firm’s operational success. It’s paramount for growth and talent retention, as advisors want more consistent and transparent practices. By implementing seamless management of compensation processes, firms not only position themselves to attract top talent but also eliminate key person and other operational risks created by administrative latency.”

Outsourcing For Inorganic Growth

Michael Gault, Chief Solutions Officer, Mirador

In a statement to WSR, Gault said that the typical clients for compensation management services seek inorganic growth. RIAs without this capability “were stuck either offering salary/discretionary bonus deals to advisors or having to manage spreadsheets. Both strategies are ineffective for either the acquirer or the acquiree. We enable scalability in this manner for large and/or growing firms.”

According to Gault, firms that seek out compensation management services typically incorporate other outsourced services as well over time to support data for acquisitions or day-to-day operations. “Firms typically introduce new software to their tech stack in stages, given the time and resources (human and monetary capital) required for each implementation. This is obviously dependent on the firm and the resources they have at their disposal.”

Continued Demand

In the next several years, Gault says that his firm sees “continued demand for specialized outsourced expertise given the efficiencies and risk mitigation it provides,” and it will focus on solving pain points through expertise and a staff prepared “to immediately assume operational responsibilities for financial services.”

Gault added, “Firms continue to become more comprehensive and complex, proving the thesis that this expertise is needed to reduce the learning curve and decrease time to market, particularly when trying to maximize tech utilization.”

Janeesa Hollingshead, Contributing Editor at Wealth Solutions Report, can be reached at editor@wealthsolutionsreport.com.

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