Results for "compensation and staffing"

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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...

Wells Fargo eliminates bonuses for advisers selling banking products

December 15, 2016

Months after its parent bank Wells Fargo & Co. was hit with a $185 million fine for opening checking and credit accounts that customers never knew about or approved, its retail brokerage, Wells Fargo Advisors, has eliminated bonus compensation...

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...

Finra wants to up annual gift limit to $175

August 10, 2016

Finra proposed increasing to $175 from $100 the amount that a registered representative can spend on an individual per year, and is seeking other updates to its gifts, gratuities and non-cash compensation rules. "The gift rule is meant to prohibit...

Why aren't there more women fund managers?

July 24, 2016

If you're looking for comforting news about the great strides women have made breaking into investment management, you won't find it here. Men still overwhelmingly dominate the field. But the inroads that women have made in money market funds...

SEC Investor Advocate Fleming targets fees charged by advisers

July 1, 2016

To SEC investor advocate Rick A. Fleming, improved disclosure of fees and expenses charged by financial advisers is a top priority in the new fiscal year, which begins in October. Mr. Fleming will push the Securities and Exchange Commission...

Layoffs hit Pimco, GMO as assets shrink amid flight from active management

June 17, 2016

Layoffs have been scarce in the mutual fund industry, but they have hit two complexes recently: GMO and Pimco, which are suffering from declining assets as investors flee active management in favor of passive strategies. Boston-based Grantham,...

With anti-DOL fiduciary rule lawsuits, industry organizations' actions speak louder than words

June 12, 2016

Just before explaining why they filed a lawsuit to kill the DOL fiduciary rule, every industry trade group is careful to assert that they, in fact, support its premise. Yes, they want to do away with the Labor Department measure that would require...

RIAs are losing their competitive advantage

June 5, 2016

Registered investment advisers need a new card up their sleeve. For years, RIAs have marketed themselves as being a cut above their counterparts in the brokerage industry. While they followed a fiduciary standard, requiring them to act in their...

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