Toward the end of last year, UBS said it was redrawing its pay plan for advisors, but "every time one of the big firms like UBS tinkers with the advisors' compensation, some of them say, that's it, that’s the last straw," recruiter Danny Sarch said.
"There's a big pull to alternative investments right now because of volatility of the stock market," Kevin Gannon, CEO of Robert A. Stanger & Co., said.
Last week's layoffs totaled at least 130 Cetera employees, according to a senior industry executive.
IFG works with 550 producing advisors and generates about $325 million in annual revenue, said Dave Fischer, the company's co-founder and chief marketing officer.
"It's like a soap opera," says one senior industry executive.
A company spokesperson called the layoffs a "small reduction in our workforce."
United Planners' costs related to lawsuits and regulators' actions into the advisor continue to rise.
Meanwhile, GPB senior executives' sentencing for fraud pushed to May.
Wealth management job cuts at Edward Jones and Morgan Stanley are linked to a sinking stock market, tariff battles and the unknown, say industry executives
Ameriprise has targeted LPL in at least four complaints since January 2024, alleging its competitor had unfairly hired its financial advisors.
