Results for "compensation and staffing"

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Makeover at Wells Fargo Advisors well-received

August 20, 2019

Wells Fargo Advisors continued a reorganization of its wealth management business, cutting about a dozen market manager positions last week. And for some, it couldn't have come sooner. "Wells Fargo Advisors has been top heavy with management...

Financial advisers shouldn't have to stress over health insurance

July 22, 2019

Many of the headlines concerning America's health insurance woes focus on the fraught status of the Affordable Care Act and the ongoing battle among lawmakers about what to do with it. To be sure, whatever your opinion of the current law, it's...

Merrill Lynch advisers should expect current pay grid to stay in place for 2020

July 17, 2019

After two years of taking a carrot-and-stick approach to induce brokers to sign up new clients, Merrill Lynch intends to stand pat going into 2020 and make no major changes to its compensation plan. In late 2017, Merrill Lynch revised its pay...

Wells Fargo Advisors slows down outflow of advisers

July 16, 2019

After almost three years of bleeding brokers, Wells Fargo Advisors appears to have stanched the flow of advisers leaving the firm. Its parent bank, Wells Fargo & Co. has struggled with myriad problems and scandals since September 2016, resulting...

UBS hires advisers with $2 billion in client assets

July 12, 2019

UBS Global Wealth Management is continuing to selectively hire financial advisers, with brokers recently joining the firm in San Francisco and New York. In June, UBS hired Mariia Eroshin in San Francisco. She had most recently worked at Citigroup...

Former LPL broker with ties to ex-con charged with fraud

July 3, 2019

The Securities and Exchange Commission on Monday charged former LPL Financial broker Kerry L. Hoffman with fraudulently selling $3.3 million of unregistered securities with the help of a childhood friend who had previously been convicted of...

LPL snags $1.1 billion team from Raymond James

July 2, 2019

A team of retirement advisers in the Northwest with $1.1 billion of brokerage, advisory, and retirement plan assets has left Raymond James' independent broker-dealer network to work with LPL Financial. PacNorth Retirement Group of Spokane, Wash.,...

LPL Financial push for employee model attempt to tap into $11 trillion market

June 25, 2019

At a time when broker-dealers are increasingly trying to come up with business models for advisers who want to act as registered investment advisers, recent moves by LPL Financial left some wondering if the firm was taking a step back in time....

GPB paid B-Ds and reps steep commissions to sell troubled private placements

June 24, 2019

Broker-dealers and their reps who sold private placements for GPB Capital were paid tens of millions of dollars in commissions, but now must face clients whose investments have dropped in value dramatically. According to a GPB document sent...

Fidelity's National Financial raises more questions about GPB private placements

June 17, 2019

National Financial Services, the clearing and custody unit of Fidelity Investments, is telling broker-dealer clients they have 90 days to move private placements issued by beleaguered GPB Capital off its platform or work with the custodian as...

Edward Jones loses round in court against former broker who defected to Ameriprise

June 14, 2019

Edward D. Jones & Co. on Thursday suffered a setback in its fight to recoup client assets from a former broker who bolted to rival Amerprise Financial Services earlier this year. A state judge denied Jones' request for a temporary restraining...

Long-shot bid for Wells Fargo CEO job gains steam

June 12, 2019

More than two months into Wells Fargo & Co.'s broad search for its next leader, a pitch to keep its interim chief is gaining a bit of steam — thanks in part to the people who don't want the job. Several executives widely seen as attractive...

Morgan Stanley sees massive growth from giant teams of advisers

June 12, 2019

Morgan Stanley is betting that giant teams of advisers with up to $100 million in annual revenue will be a big driver of growth in the future. That will occur even as the firm sees its total head count of 15,700 financial advisers and brokers...

Advisor Group executives to hit the road this summer

June 5, 2019

Now that the sale of Advisor Group is in the bag, the management of the broker-dealer network will hit the road this summer, visiting to financial advisers in 20 cities to provide an update from CEO Jamie Price. Last month, Advisor Group said...

Greg Fleming, Rockefeller Capital spending big on recruits

May 21, 2019

Greg Fleming's Rockefeller Capital Management is making a splash in the market to recruit veteran wirehouse financial advisers, offering lucrative recruiting deals that could equal three times or more of advisers' annual production. Industry...

Building a "fortress P&L" that can get firms through a market downturn

May 16, 2019

After a long period of market growth, are advisory firms protected if the market were suddenly to go through another downturn? How can you tell if your firm is one that could be in trouble? What do you need to do to turn your firm's P&L into...

Morgan Stanley advisers win huge $6.4 million deferred comp claim against Credit Suisse

May 8, 2019

Two star brokers at Morgan Stanley won a stunning $6.4 million arbitration award against their old firm, Credit Suisse Securities, claiming they did not receive deferred compensation they were entitled to after the firm closed down its U.S....

Raising the bar on happiness at work

May 7, 2019

Recently, a brief article in the New York Times caught my eye: "A Deceptively Simple Way to Find More Happiness at Work" by Tim Herrera. We all want to be happier at work, right? Alas, there is a reason it is called work. We make a deal to be...

A new pay model: 300 advisers move, and the entire industry feels the shift

May 4, 2019

Bank of America's decision to move 300 Merrill Edge advisers into its Merrill Lynch Wealth Management branch offices last month didn't attract much attention. But 10 years from now, people might point to it as a watershed moment in the evolution...

Salary model exploited by rivals

May 4, 2019

The Big Four wirehouses control trillions of dollars of client assets and are not about to disappear anytime soon. But they have been losing individual and groups of advisers to competitors. According to InvestmentNews data, 235 individual advisers...

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