R. Richardson, Chief Executive Officer, IZALE Financial Group

Last Update

2016-08-08T00:00:00.000Z

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Mr. R. Scott Richardson

Chief Executive Officer

IZALE Financial Group

Direct Phone: (630) ***-****       

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IZALE Financial Group

2400 Big Timber Rd Suite 103A

Elgin, Illinois 60124

United States

Company Description

iZale Financial Group offers you deeply respected industry experience that spans four decades. We provide our clients with extensive pre- and post-purchase services. We pride ourselves on the depth of our analysis and emphasis on long-term relationships w ... more

Find other employees at this company (7)

Background Information

Employment History

Senior Consultant

Executive Benefit Options

Affiliations

Board Member
Northside Community Bank

Member
Association for Advanced Life Underwriting

Biography

Scott Richardson, brings experience in the financial services and life insurance industries that spans four decades. After being a successful executive and consultant for one of the largest firms in his industry, he started IZALE in order to return to a client-centered experience. Scott has had extensive contact with bank regulatory agencies, and was involved in the development of customized benefit plans and BOLI placements for hundreds of banks throughout the country. This unique background provides Scott with considerable expertise in the legal aspects of compensation, nonqualified benefits, and both bank-owned life insurance (BOLI) and corporate-owned life insurance (COLI) plan design. Scott has addressed numerous banking groups on the topics of executive compensation, non-qualified benefits and BOLI. In addition, he has been quoted in various banking trade publications including North Western Financial Review, Illinois Banker, Hoosier Banker and Wisconsin Community Banking News regarding the impact of Financial Institutions Letter 127-04. He has also authored articles for Bank Director and the Credit Union Journal. Scott has a law degree from William Mitchell College of Law, St. Paul, Minnesota. He is a member of the Association for Advanced Life Underwriting (AALU) and is past president of the Twin Cities Society of Financial Services Professionals. Scott Richardson has earned designations as a Chartered Life Underwriter (CLU) and Chartered Financial Consultant (ChFC), and holds Series 6, 7, 63, 65 and 24 licenses. Scott resides in Illinois with his family.

Web References (188 Total References)


Industry News, Articles and Events Blog - IZALE Financial Group

www.izalefg.com [cached]

R. Scott Richardson, JD

...
R. Scott Richardson, JD
...
"During the Great Recession, base salaries were pretty much frozen and incentives were eliminated, because even healthy institutions went into bunker mode just to make sure they could survive," says R. Scott Richardson, President and CEO of IZALE Financial Group in Elgin, Ill. "Since the recession ended, things are starting to be adjusted, and institutions are again trying to find the right balance between base salary, annual incentives and longer-term incentives for a total package that works not only for the institution but for the executive as well." Finding that balance, however, is easier said than done, with a number of important issues coming into play.
Setting the Scene Scott believes one of the first things that every institution needs to do is formulate a compensation philosophy that lays out how things will be set up and where the institution wants to be in the marketplace relative to peers. This can be something as simple as targeting the 50th percentile in terms of base pay - that is, average salary for average performance - and having incentive compensation that will reflect performance above that 50th percentile. For example, if the institution's performance puts it at the 80th percentile relative to peers, it will have an incentive that pays an extra 30% to bring the total compensation that year up to the 80th percentile. "The best practice always starts with having a philosophy and sticking to it," Scott explains.
...
Scott says that the income that gets replaced at retirement from 401k matches and contributions - those things that are paid for by the employer, not the employee - for a rank-and-file employee who stays at an institution for 20 or 30 years or more is often a much higher percentage than what can be found in the executive suite.
"It's pretty common when we run a disparity analysis to see where a rank-and-file employee might have 45% or 55% of his final salary replaced, whereas the CEO, participating in the same kinds of programs, might only have 35% of her income replaced," Scott explains. "Most of the time when we talk to boards about it they'll say they didn't intend to create a disparity, and they want to work to cover the gap so there's parity across the organization. But there's definitely an art and a science to getting there." In terms of how institutions are trying to manage that art and science, Scott says that while long-term incentives are certainly back in vogue these days, they're not necessarily taking the same forms as they have in the past. For example, many equity-based incentive plans are either being phased out or significantly retooled, as even high-performing institutions have seen their stocks being held down by the general beating the industry as a whole has taken. As a result, the trend has moved toward long-term incentive compensation that is not stock- based, not only in the form of traditional SERPs, but also set-aside cash plans that pay out a cumulative amount at retirement based on incentives hit throughout the executive's career.
"Now when that executive gets to retirement, you look at the cumulative, long-term set-asides and pay that out as a retirement benefit," Scott says.
...
Scott says that it all comes back to deciding upfront and making it clear what the institution stands for and believes in when it comes to executive compensation. "The best practice always starts with having a philosophy and sticking to it," he says.
...
R. Scott Richardson SEC


Industry News, Articles and Events Blog - IZALE Financial Group

www.izalefg.com [cached]

R. Scott Richardson, JD

...
R. Scott Richardson, JD
...
"During the Great Recession, base salaries were pretty much frozen and incentives were eliminated, because even healthy institutions went into bunker mode just to make sure they could survive," says R. Scott Richardson, President and CEO of IZALE Financial Group in Elgin, Ill. "Since the recession ended, things are starting to be adjusted, and institutions are again trying to find the right balance between base salary, annual incentives and longer-term incentives for a total package that works not only for the institution but for the executive as well." Finding that balance, however, is easier said than done, with a number of important issues coming into play.
Setting the Scene Scott believes one of the first things that every institution needs to do is formulate a compensation philosophy that lays out how things will be set up and where the institution wants to be in the marketplace relative to peers. This can be something as simple as targeting the 50th percentile in terms of base pay - that is, average salary for average performance - and having incentive compensation that will reflect performance above that 50th percentile. For example, if the institution's performance puts it at the 80th percentile relative to peers, it will have an incentive that pays an extra 30% to bring the total compensation that year up to the 80th percentile. "The best practice always starts with having a philosophy and sticking to it," Scott explains.
...
Scott says that the income that gets replaced at retirement from 401k matches and contributions - those things that are paid for by the employer, not the employee - for a rank-and-file employee who stays at an institution for 20 or 30 years or more is often a much higher percentage than what can be found in the executive suite.
"It's pretty common when we run a disparity analysis to see where a rank-and-file employee might have 45% or 55% of his final salary replaced, whereas the CEO, participating in the same kinds of programs, might only have 35% of her income replaced," Scott explains. "Most of the time when we talk to boards about it they'll say they didn't intend to create a disparity, and they want to work to cover the gap so there's parity across the organization. But there's definitely an art and a science to getting there." In terms of how institutions are trying to manage that art and science, Scott says that while long-term incentives are certainly back in vogue these days, they're not necessarily taking the same forms as they have in the past. For example, many equity-based incentive plans are either being phased out or significantly retooled, as even high-performing institutions have seen their stocks being held down by the general beating the industry as a whole has taken. As a result, the trend has moved toward long-term incentive compensation that is not stock- based, not only in the form of traditional SERPs, but also set-aside cash plans that pay out a cumulative amount at retirement based on incentives hit throughout the executive's career.
"Now when that executive gets to retirement, you look at the cumulative, long-term set-asides and pay that out as a retirement benefit," Scott says.
...
Scott says that it all comes back to deciding upfront and making it clear what the institution stands for and believes in when it comes to executive compensation. "The best practice always starts with having a philosophy and sticking to it," he says.
...
R. Scott Richardson SEC


Industry News, Articles and Events Blog - IZALE Financial Group

www.izalefg.com [cached]

R. Scott Richardson, JD

...
R. Scott Richardson, JD
...
"During the Great Recession, base salaries were pretty much frozen and incentives were eliminated, because even healthy institutions went into bunker mode just to make sure they could survive," says R. Scott Richardson, President and CEO of IZALE Financial Group in Elgin, Ill. "Since the recession ended, things are starting to be adjusted, and institutions are again trying to find the right balance between base salary, annual incentives and longer-term incentives for a total package that works not only for the institution but for the executive as well." Finding that balance, however, is easier said than done, with a number of important issues coming into play.
Setting the Scene Scott believes one of the first things that every institution needs to do is formulate a compensation philosophy that lays out how things will be set up and where the institution wants to be in the marketplace relative to peers. This can be something as simple as targeting the 50th percentile in terms of base pay - that is, average salary for average performance - and having incentive compensation that will reflect performance above that 50th percentile. For example, if the institution's performance puts it at the 80th percentile relative to peers, it will have an incentive that pays an extra 30% to bring the total compensation that year up to the 80th percentile. "The best practice always starts with having a philosophy and sticking to it," Scott explains.
...
Scott says that the income that gets replaced at retirement from 401k matches and contributions - those things that are paid for by the employer, not the employee - for a rank-and-file employee who stays at an institution for 20 or 30 years or more is often a much higher percentage than what can be found in the executive suite.
"It's pretty common when we run a disparity analysis to see where a rank-and-file employee might have 45% or 55% of his final salary replaced, whereas the CEO, participating in the same kinds of programs, might only have 35% of her income replaced," Scott explains. "Most of the time when we talk to boards about it they'll say they didn't intend to create a disparity, and they want to work to cover the gap so there's parity across the organization. But there's definitely an art and a science to getting there." In terms of how institutions are trying to manage that art and science, Scott says that while long-term incentives are certainly back in vogue these days, they're not necessarily taking the same forms as they have in the past. For example, many equity-based incentive plans are either being phased out or significantly retooled, as even high-performing institutions have seen their stocks being held down by the general beating the industry as a whole has taken. As a result, the trend has moved toward long-term incentive compensation that is not stock- based, not only in the form of traditional SERPs, but also set-aside cash plans that pay out a cumulative amount at retirement based on incentives hit throughout the executive's career.
"Now when that executive gets to retirement, you look at the cumulative, long-term set-asides and pay that out as a retirement benefit," Scott says.
...
Scott says that it all comes back to deciding upfront and making it clear what the institution stands for and believes in when it comes to executive compensation. "The best practice always starts with having a philosophy and sticking to it," he says.
...
R. Scott Richardson SEC


Industry News, Articles and Events Blog - IZALE Financial Group

www.izalefg.com [cached]

R. Scott Richardson, JD

...
R. Scott Richardson, JD
...
"During the Great Recession, base salaries were pretty much frozen and incentives were eliminated, because even healthy institutions went into bunker mode just to make sure they could survive," says R. Scott Richardson, President and CEO of IZALE Financial Group in Elgin, Ill. "Since the recession ended, things are starting to be adjusted, and institutions are again trying to find the right balance between base salary, annual incentives and longer-term incentives for a total package that works not only for the institution but for the executive as well." Finding that balance, however, is easier said than done, with a number of important issues coming into play.
Setting the Scene Scott believes one of the first things that every institution needs to do is formulate a compensation philosophy that lays out how things will be set up and where the institution wants to be in the marketplace relative to peers. This can be something as simple as targeting the 50th percentile in terms of base pay - that is, average salary for average performance - and having incentive compensation that will reflect performance above that 50th percentile. For example, if the institution's performance puts it at the 80th percentile relative to peers, it will have an incentive that pays an extra 30% to bring the total compensation that year up to the 80th percentile. "The best practice always starts with having a philosophy and sticking to it," Scott explains.
...
Scott says that the income that gets replaced at retirement from 401k matches and contributions - those things that are paid for by the employer, not the employee - for a rank-and-file employee who stays at an institution for 20 or 30 years or more is often a much higher percentage than what can be found in the executive suite.
"It's pretty common when we run a disparity analysis to see where a rank-and-file employee might have 45% or 55% of his final salary replaced, whereas the CEO, participating in the same kinds of programs, might only have 35% of her income replaced," Scott explains. "Most of the time when we talk to boards about it they'll say they didn't intend to create a disparity, and they want to work to cover the gap so there's parity across the organization. But there's definitely an art and a science to getting there." In terms of how institutions are trying to manage that art and science, Scott says that while long-term incentives are certainly back in vogue these days, they're not necessarily taking the same forms as they have in the past. For example, many equity-based incentive plans are either being phased out or significantly retooled, as even high-performing institutions have seen their stocks being held down by the general beating the industry as a whole has taken. As a result, the trend has moved toward long-term incentive compensation that is not stock- based, not only in the form of traditional SERPs, but also set-aside cash plans that pay out a cumulative amount at retirement based on incentives hit throughout the executive's career.
"Now when that executive gets to retirement, you look at the cumulative, long-term set-asides and pay that out as a retirement benefit," Scott says.
...
Scott says that it all comes back to deciding upfront and making it clear what the institution stands for and believes in when it comes to executive compensation. "The best practice always starts with having a philosophy and sticking to it," he says.
...
R. Scott Richardson SEC


R. Scott Richardson, ...

www.izalefg.com [cached]

R. Scott Richardson, JD

...
R. Scott Richardson, JD
...
"During the Great Recession, base salaries were pretty much frozen and incentives were eliminated, because even healthy institutions went into bunker mode just to make sure they could survive," says R. Scott Richardson, President and CEO of IZALE Financial Group in Elgin, Ill. "Since the recession ended, things are starting to be adjusted, and institutions are again trying to find the right balance between base salary, annual incentives and longer-term incentives for a total package that works not only for the institution but for the executive as well." Finding that balance, however, is easier said than done, with a number of important issues coming into play.
Setting the Scene Scott believes one of the first things that every institution needs to do is formulate a compensation philosophy that lays out how things will be set up and where the institution wants to be in the marketplace relative to peers. This can be something as simple as targeting the 50th percentile in terms of base pay - that is, average salary for average performance - and having incentive compensation that will reflect performance above that 50th percentile. For example, if the institution's performance puts it at the 80th percentile relative to peers, it will have an incentive that pays an extra 30% to bring the total compensation that year up to the 80th percentile. "The best practice always starts with having a philosophy and sticking to it," Scott explains.
...
Scott says that the income that gets replaced at retirement from 401k matches and contributions - those things that are paid for by the employer, not the employee - for a rank-and-file employee who stays at an institution for 20 or 30 years or more is often a much higher percentage than what can be found in the executive suite.
"It's pretty common when we run a disparity analysis to see where a rank-and-file employee might have 45% or 55% of his final salary replaced, whereas the CEO, participating in the same kinds of programs, might only have 35% of her income replaced," Scott explains. "Most of the time when we talk to boards about it they'll say they didn't intend to create a disparity, and they want to work to cover the gap so there's parity across the organization. But there's definitely an art and a science to getting there." In terms of how institutions are trying to manage that art and science, Scott says that while long-term incentives are certainly back in vogue these days, they're not necessarily taking the same forms as they have in the past. For example, many equity-based incentive plans are either being phased out or significantly retooled, as even high-performing institutions have seen their stocks being held down by the general beating the industry as a whole has taken. As a result, the trend has moved toward long-term incentive compensation that is not stock- based, not only in the form of traditional SERPs, but also set-aside cash plans that pay out a cumulative amount at retirement based on incentives hit throughout the executive's career.
"Now when that executive gets to retirement, you look at the cumulative, long-term set-asides and pay that out as a retirement benefit," Scott says.
...
Scott says that it all comes back to deciding upfront and making it clear what the institution stands for and believes in when it comes to executive compensation. "The best practice always starts with having a philosophy and sticking to it," he says.
...
R. Scott Richardson SEC

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