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PlanMember Financial

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PlanMember Financial reviews

3.1

50% would recommend to a friend

(25 total reviews)

Jon Ziehl

58% approve of CEO

55% positive business outlook

Ratings by category

3.2

Work/Life balance

3.1

Culture & values

2.9

Compensation and benefits

2.7

Diversity & inclusion

2.7

Senior management

2.7

Career opportunities

Ratings by demographic groups

Reviews by job title

25 reviews

Reviews about "Compensation"

Return to all reviews
3.0
May 10, 2021

Good at training staff. Poor at retaining talented people.

Dedicated and frustrated
Recommend
CEO approval
Business Outlook

Pros

Company has solid financials. Solid teammates. Great place to gain workplace experience. Embraces ongoing education. It's an excellent place to be when the economy is unpredictable. Most people are generally kind, though working conditions do vary from department-to-department.

Cons

Chronically understaffed. Below-average wages/salaries. Slow to invest in infrastructure. Sr. management is entrenched in older management styles and serves at the pleasure of the CEO. Very much an 'if it ain't broke...' mentality (Pssst... a lot of it is broken). Very little apparent diversity in thought. PlanMember will ask for loyalty and show a lack of trust in an employee's work. There's a gulf of distrust between management and staff. Once talented staff leave they tend to report greater levels of satisfaction at their next company.

avatar
PlanMember Financial Response
4y
We encourage this employee to discuss their “CRM” comments with their manager and propose that this be considered at our bi-weekly Platform Committee Meetings. All ideas for platform improvement are welcome from any company source. We also strongly agree with the commentor that PlanMember is good, we might even say great, at training staff for a career in Financial Services, and in particular, Investments. We provide initial training, support for securities industry licenses and credentials and encourage work on industry committees and associations. We do have a different view on the comments about being “poor” at retention. This remains a competitive industry and the overall skills our employees gain at PlanMember are highly desirable, especially at firms that do not invest the time into training that PlanMember does. With that being said, our Securities Industry Training Program (SIT), which recruits new college graduates into our SIT program has over the past 15 years since inception retained and promoted a huge percentage of SIT entrants. Graduates of the SIT are now Managers and Directors of various Operations department desks, Compliance professionals, and the vast majority of our Sales Support staff. Several of our SIT graduates have gone on to become Independent Investment advisors in our business and our hugely successful, both financially and happiness-wise. While a minority of the SIT candidates have moved on to success with other Financial Services firms, we applaud their success knowing that our training assisted them in the early success of their career. Finally, staffing levels are always in flux in a large service organization, in what is frankly, a smaller sized employment pool of Santa Barbara/Ventura. We acknowledge that the pendulum can swing from full employment periods to other times where recruiting replacement staff is more difficult. The current post-pandemic “reopening” is an example of a tougher environment for employers to attract and hire qualified candidates, although we have invested in more internal and external recruiters to help us get through this challenging environment.
2.0
Mar 16, 2021

Low pay, treat you like you are expendable

Customer service representative
Recommend
CEO approval
Business Outlook

Pros

Tons of knowledge and experience in a short time, good to get licenses fast. Really does teach you how the industry as a whole works.

Cons

Treat employees with a "if you don't like it, go somewhere else" mentality. Management makes even vital/senior employees feel expendable and unimportant. The pay is low for the industry and the area, you cannot have a short commute and make a wage that can afford a family.

avatar
PlanMember Financial Response
4y
PlanMember greatly values the nearly 200 employees who assist us in providing service to hundreds of advisors and hundreds of thousands of clients across the nation. We are disappointed when any employee, former or current does not get that message from our Executive Management team and our departmental managers. While it is not our goal to have every employee agree with all of our business decisions, it is our goal to make every employee feel valued and important. We unfortunately may not always succeed in this effort, but it remains a tenant of the Firms “Partnership for Success”, making a positive difference in the lives of our Partners, Clients and Employees” Mission Statement. We will continue to strive to do better and meet expectations with our employees. PlanMember strives to provide fair and competitive compensation and benefit packages for our employees. To best estimate salaries and economic influences PlanMembers’ HR utilizes industry salary surveys for each job description annually. These job surveys examine compensable factors such as licenses/credentials, education, experience, skills, knowledge, independent judgement, and responsibility required by each job along with location of position. Salary surveys evaluate each job’s value or worth to the organization and in the marketplace, establishing pay ranges that maintain internal and external pay equity. We also work closely with the UCSB and Cal Poly placement offices to benchmark starting salaries for new graduates. PlanMember salaries fall in the mid- to upper range of the recently available surveys. This data is consistently reviewed, taking company budgets, talent acquisition environment and inflation (Cost-of-Living-Adjustment/COLA) into consideration. Finally, it is also important to remember that pay rates are only ONE factor in calculating our “Total Compensation” or “Total Rewards”, which includes all the extrinsic and intrinsic rewards we receive as a result of employment (health care, profit sharing, etc.).
3.0
Mar 7, 2021

Operations

Operations
Recommend
CEO approval
Business Outlook

Pros

Great place to start your career and gain your licenses.

Cons

Pay is below industry average and low for the Santa Barbara/Ventura area. Don't stay here too long as you'll run into frustrations with procedures. Get your licenses and experience and significantly get a pay raise elsewhere.

avatar
PlanMember Financial Response
4y
We strongly agree with the commenter that PlanMember is great place to start a career given the training provided to employees for a career in Financial Services, and in particular, Investments. We provide initial training, support for securities industry licenses and credentials and encourage work on industry committees and associations. This remains a competitive industry and the overall skills our employees gain at PlanMember are highly desirable, especially at firms that do not invest the time into training that PlanMember does. PlanMember strives to provide fair and competitive compensation and benefit packages for our employees. To best estimate salaries and economic influences PlanMember HR utilizes industry salary surveys for each job description annually. These job surveys examine compensable factors such as licenses/credentials, education, experience, skills, knowledge, independent judgement, and responsibility required by each job along with location of position. Salary surveys evaluate each job’s value or worth to the organization and in the marketplace, establishing pay ranges that maintain internal and external pay equity. We also work closely with the UCSB and Cal Poly placement offices to benchmark starting salaries for new graduates. PlanMember salaries fall in the mid- to upper range of the recently available surveys. This data is consistently reviewed, taking company budgets, talent acquisition environment and inflation (Cost-of-Living-Adjustment/COLA) into consideration. Finally, it is also important to remember that pay rates are only ONE factor in calculating our “Total Compensation” or “Total Rewards”, which includes all the extrinsic and intrinsic rewards we receive as a result of employment (health care, profit sharing, etc.).
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Glassdoor has 73 PlanMember Financial reviews submitted anonymously by PlanMember Financial employees. Read employee reviews and ratings on Glassdoor to decide if PlanMember Financial is right for you.