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BofA cuts CEO pay following 2023 profit decline
Bank reduces Brian Moynihan’s total compensation after its shares performed the worst among its biggest rivals.
UBS advisor jumps to Raymond James
The firm welcomes an industry veteran with $165 million in assets and nearly 40 years of experience.
Wells Fargo hikes CEO Scharf’s pay to $29M for 2023
The package, up 18% from the $24.5 million he earned for 2022, includes a $2.5 million base salary and $26.5 million of cash and long-term equity awards.
Wirehouse defections far from done, says Verdence Capital CEO
'When was the last time you saw an article that said an RIA is going to a wirehouse?' asks Verdence founder Leo Kelly.
SEC bars ex-Morgan Stanley broker who stole from his mother
The SEC alleged that Texas broker Doug McKelvey misappropriated more than $1.7 million.
Morgan Stanley pays Gorman $37M for final year as CEO
During his 14 years running the firm, Gorman engineered a transformation of Morgan Stanley.
UBS lands $2B team from Merrill Lynch
New York City-based GKB & Associates includes five advisors.
Over a third of US advisors plan to retire within 10 years
Succession planning is critical, as advisors 55 and older account for 42 percent of head count but 57 percent of assets, Cerulli found.
Morgan Stanley’s new CEO Pick has wealth management in his veins
Industry executive warns it will take time for Pick to earn the trust of advisors.
Can the wirehouses stop leaking advisors?
Many advisors are leaving, disillusioned by what they consider prohibitive pay grids and a lack of flexibility.
Wirehouses to continue bleeding advisors in 2024
As the migration to independent broker-dealers and RIAs continues, concerns about the Big Four’s compensation plans may be contributing to the outflow.
Wells Fargo Advisors to sell new bitcoin ETFs
'We’ve made significant investments the last few years across our franchise to better serve our customers, and help drive growth,' says Wells CFO Mike Santomassimo.
Merrill adds new clients by tapping Bank of America customers
'In 2023, a record number of existing Bank of America clients became Merrill clients,' says Eric Schimpf, president and co-head of Merrill Wealth Management. 'We can and will do more here.'
UBS is expanding its China onshore wealth business
Despite tough conditions in the region, the wealth and asset manager sees potential.
Wrong birthday info led to $130K in RMD penalties, plaintiffs say
A Wells Fargo client who was born in 1939 had his birthdate incorrectly recorded as 2001, according to a lawsuit.
Morgan Stanley chair thinks proposed bank rules will be ‘wound back’
James Gorman says regulator’s ideas were ‘extremely aggressive.’
Merrill again faces client complaint over yields on cash
Merrill has consistently been the brokerage firm paying the lowest rates on swept cash, according to a suit filed by Merrill Edge client.
Wells Fargo Advisors highlights bump in compensation for $1M producers
The wirehouse is emphasizing better pay for advisors who sell alternative investments and offer loans to clients.
More Wells Fargo execs follow Kowach to startup
Launched over the summer, &Partners is replete with executives from Wells Fargo Advisors.
‘To stand out, I needed to innovate’
Katz moved beyond cold calls to cultivate relationships with influential figures like sports agents and estate attorneys, thus broadening his network significantly.
