Results for "compensation and staffing"

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The case for more prominently disclosing compensation and conflicts of interest

March 16, 2017

I didn't receive any questions this month to use as a source for this column. Maybe you were all too busy trying to figure out whether the Department of Labor's fiduciary rule is alive or dead? Or you could be trying to figure out how the American...

Keep calm and carry on with both commissions and fees

March 15, 2017

Heightened transparency and education around the many financial products and services available in the marketplace today is critical in a client-adviser relationship, particularly surrounding changing consumer preferences for financial advice....

Merrill Lynch cuts its top rate on fee accounts

February 24, 2017

Merrill Lynch has lowered its top charge on fee-based accounts to 2.2% from 2.7%, a move that could save smaller investors as much as $5,000 a year, The Wall Street Journal reports. The reduction affects clients with under $1 million in assets...

Some Merrill Lynch advisers upset with move away from commissions

February 21, 2017

Some advisers at Merrill Lynch are not happy with the wirehouse's newly minted policy of embracing advisory over commission relationships in retirement accounts. Ron Edde, president and chief executive of Millennium Career Advisors, a recruiting...

Most advisers think the industry will continue down a fiduciary path despite rule delay

February 3, 2017

News that President Donald J. Trump plans to order a stop to the DOL fiduciary rule drew mixed reactions from financial advisers. Find out how they think the efforts to implement the rule will impact their businesses and the industry going forward....

Clean shares could revolutionize the fund industry

February 2, 2017

Clean shares will be an enormous game changer for mutual funds and the investment advisers who sell them. “Clean shares” — a term borrowed from England — separate out the fees for mutual fund distribution from those for investment management....

Banks, credit unions could start buying advisory practices

February 1, 2017

In September, when Salem Five Bank acquired Stumm Financial Services, it set in motion a financial advice model that could become a blueprint for other banks and credit unions, and also represents new distribution for platforms like LPL Financial....

Advisers should be rewarded for their expertise, not sales skills

January 30, 2017

We had a conversation recently with a financial adviser who recounted how he'd spent several hours with a client who had just inherited significant funds from a close relative. The client was wrestling with how to adjust to this steep change...

American Funds gets SEC approval for clean shares

January 13, 2017

The Securities and Exchange Commission gave the green light Wednesday to the Capital Group to issue “clean shares” through its American Funds — a share class without any distribution costs, such as 12-b(1) fees. The no-action letter to...

LPL Financial's new CEO Dan Arnold to receive big pay hike in 2017

December 27, 2016

Dan Arnold, the newly appointed chief executive of LPL Financial Holdings Inc., is staring at a big pay day in 2017. Replacing Mark Casady as chief executive, Mr. Arnold is slated to receive $5.4 million in total compensation next year, according...

RIAs find it easy to justify spending more on technology in 2017

December 27, 2016

Technology is a necessity in the modern financial advice industry, and not staying ahead of it is essentially the same as ignoring it altogether. “There is no way we will become robo advisers, but we have to create a digital experience because...

Bank of America wants more referrals from its Merrill Lynch advisers

December 7, 2016

Merrill Lynch in 2017 will not change its basic pay grid for its 14,500 advisers but is raising the thresholds on two plans, one of which focuses on advisers giving referrals to other parts of Bank of America. According to a source with knowledge...

Women underrepresented in global fund industry: Morningstar

November 29, 2016

Women are more likely to be at the helm of a passively managed fund or a fund of funds than an actively managed one, a new Morningstar study found. They are also more likely to be on a team-managed fund than serving as a solo manager. Women...

Performance-based pay may lead to problems including fines — and even a tarnished brand

October 23, 2016

Paying staff based on how well they perform makes a lot of sense. Or does it? Two professors who won the Nobel Prize for Economic Sciences earlier this month studied performance-based compensation practices — and reported back a cautionary...

Advisers take flight from Morgan Stanley

October 12, 2016

Morgan Stanley continued to see defections of advisers during the third quarter, as the broader brokerage industry grappled with a number of significant regulatory and market changes that spurred advisers to look for new firms to call home....

Nobel prize winners shine light on best compensation practices

October 11, 2016

Two American professors known partly for showing the value of performance-based compensation practices won the Nobel Prize for Economic Sciences on Monday. Bengt Holmstrom, a Harvard University professor, and Oliver Hart, a professor at the...

Merrill Lynch owes stiffed brokers $800,000 in damages after termination dispute, Finra says

October 10, 2016

Bank of America Merrill Lynch has to pay $800,000 in compensatory damages to two brokers who claimed the firm stiffed them in compensation after they were fired without cause, according to the Financial Industry Regulatory Authority Inc. Merrill...

Morgan Stanley: DOL fiduciary rule turns brokerage business into a buy

September 28, 2016

Morgan Stanley believes the DOL rule is making the brokerage business a more interesting investment category. Something about a $22 trillion opportunity. “This opens up a larger addressable market than was possible in the past.” Would a...

Do retainers beat AUM-based fees under fiduciary rule?

September 7, 2016

The Labor Department's best-interests rule for retirement advice is poised to move more financial advisers toward providing counsel for a fee as opposed to accruing commissions. But the best method for how to charge fees is now under debate....

Firms lose $2 million every time an adviser departs: study

August 29, 2016

Every time a financial adviser defects, firms stand to lose about $2 million in revenue — and that amount does not include the professional taking clients or assets with them to their new employer. An adviser hired as a replacement generates...

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