Retention packages are pools of money that are paid by your firm to keep teams they want in their chairs.  Major firms pay them all the time -- but don't look for the Welcome sign on your Manager's door. If you have data about what others at your firm have obtained, as well as the mechanism by which they obtained it, then you can be successful.

 

There are several typical ways that these packages are paid. The simple method is i​f you have a contract or a long term note that is expiring. Retention Packages are always papered in the end by your attorney -- essentially an employment contract like any other. We are currently engaged on assignments with Advisors managing $100M range to over $10B.

 

The secret sauce is always going to the intersection of the quality of your business and how you are thought about at your firm. 

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Having negotiated over 25 of these packages from a half dozen major firms, plus many more as a result of M&A, we have established a sort of formula. 

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1) Begin with pain points that the firm has been unable to solve in a satisfactory manner

2) Drive these issues into a campaign to get them solved in a short term period

3) Combine the remedy with a promise (and contract) on the part of the team to stay at the firm for what the firm will call Retention, and what the team calls 'Only Fair.'

 

We have helped teams from every major firm on the Street re-negotiate retention packages and get considerable paydays for just staying in their chairs. There is no firm too large or too small -- it makes no difference. You get what you negotiate, but teams of all sizes are capitalizing. You know how many calls you get in a day to join a new firm. That is the heart of the matter. Your firm does not want to lose you. Your Manager's personal bonus is dependent, in part, on you staying in your chair and contributing to his P&L.

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