Results for "compensation and staffing"

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Adjusting to the squeeze of fee compression

November 9, 2019

Even as 401(k) record keepers have found ways to adapt to the reduction in revenue caused by ongoing and drastic fee compression in the retirement industry, other revenue threats loom from financial advisers and retirement-plan lawsuits, according...

Merrill Lynch to sweeten the pot for retiring advisers who stick around

November 6, 2019

As the financial advice industry intensifies its fight for client assets, Merrill Lynch said Wednesday that it will sweeten the pot for financial advisers who commit in 2021 to retiring from the firm and handing their clients over to colleagues....

Unexpected ripples in Schwab aftershock

November 4, 2019

It was a tough week for discount brokers after Charles Schwab Corp. announced on Oct. 1 that it was eliminating commissions on trades of stocks, exchange-traded funds and options. By that Friday, the share prices of Schwab and TD Ameritrade...

Wife of barred broker helped him produce $6 million in commissions: Finra

November 4, 2019

The Financial Industry Regulatory Authority Inc. has suspended the wife of a broker who was barred from the securities industry 20 years ago, alleging that the wife, along with a second broker who worked as a supervisor, "enabled" the barred...

What zero commissions mean for B-Ds

November 2, 2019

Discount broker Charles Schwab Corp., the biggest adviser custodian, has been shaking up the securities and financial advice industries for decades. Its move last month to eliminate commissions for most online trades is only the latest in the...

LPL Financial cut trade, advisory costs by $15 million in 2019

October 25, 2019

As the financial advice industry settles into its battle over pricing, LPL Financial's CEO Dan Arnold said on Thursday that the independent broker-dealer in 2019 cut costs on transactions and advisory platforms by $15 million. LPL expects to...

Closing the retirement savings gap for employers and employees alike

October 24, 2019

In today's low unemployment rate environment, competition for top talent is fierce. So how can businesses owners compete to attract and retain quality talent? And how can financial advisers help them do this? Ultimately, the solution lies in...

Heads of Raymond James, Ameriprise say race to zero is getting murky

October 24, 2019

The financial advice industry's race to zero fees and commissions is getting confusing, with two top executives at major firms wondering today what UBS Financial Services' elimination of fees on separately managed accounts is all about. Are...

Merrill Lynch expands free trades for majority of online clients

October 21, 2019

Joining the race to eliminate commissions for online stock trades, Bank of America Corp.'s Merrill Lynch unit is tossing out limits for free trades for certain clients who use online or mobile platforms. The bank on Monday said it was expanding...

Raymond James dips toe into commission-free trades

October 21, 2019

Raymond James Financial Inc. is the latest brokerage to slash charges on trades and is eliminating transaction fees for stocks, exchange-traded funds and options for the firm's small Investment Adviser Division. Unlike many of its competitors,...

Salary gains slow as firms anticipate dip

October 19, 2019

The financial advice industry has benefited from robust financial markets for about a decade but company executives are now having to figure out how to preserve those gains. Revenue and profitability continued to grow within the investment advice...

Morgan Stanley's James Gorman says pressure on advice fees could be next

October 17, 2019

Now that discount brokers have cut commissions to zero for certain trades, Morgan Stanley CEO James Gorman says it's valid to speculate whether there will be increased pressure on advisory fees in the future. Morgan Stanley released its third...

Advisor Group loses another big team, this one with $2.5 billion in assets

October 16, 2019

Cambridge Investment Research Inc. has reeled in a large group of advisers, the Nettuno Group, that was formerly registered with FSC Securities Corp., one of the broker-dealers in the Advisor Group network. The Nettuno Group, which is based...

How far will LPL move amid an industry price war?

October 15, 2019

Management at LPL Financial is trying to figure out how to wade deeper into the pricing war that discount broker and RIA custodian Charles Schwab Corp. ignited at the start of the month when it said it was eliminating commissions for online...

There's more evolution than revolution in zero commissions

October 5, 2019

Recent moves by Charles Schwab & Co., TD Ameritrade and ETrade to eliminate commissions on stock trades are a milestone to be sure. But in some ways, the switch to zero commissions was inevitable given brokerage firm competition, the changing...

Should you fire a middling employee?

October 1, 2019

If you were a general manager trying to build a championship sports team, would you intentionally stock your roster with mediocre players? No way. You'd never stop searching for the best people you could find. I've had hundreds of employees,...

Wells Fargo lures new CEO by boosting pay 40%

September 27, 2019

A significant pay raise may have helped persuade Charlie Scharf to take on the top job at Wells Fargo & Co. — a role spurned by many of his peers in the finance industry as the bank seeks to recover from a series of scandals. The incoming...

Robert Moore is back. And he's focused on REITs

September 18, 2019

After leaving as the CEO of Cetera Financial Group earlier this year for undisclosed health reasons, Robert "R.J." Moore has returned to the financial services industry. In his latest venture, Mr. Moore has launched an investment management...

Wall Street pay is slipping

September 16, 2019

Goldman Sachs CEO David Solomon was paid $23 million last year, a third of what his predecessor received in 2007. Other Goldman employees haven't fared much better. Compensation per employee is down by 61% at the Wall Street firm when adjusted...

Once again, GPB delays release of audited financial statements

September 12, 2019

GPB Capital has recently been telling the 60 or so broker-dealers that sold $1.8 billion of high-risk private placement to wealthy clients that it would deliver audited financial statements for its funds by the end of September. Now, the beleaguered...

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