Results for "compensation and staffing"

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Vanguard, Fidelity bank on robos, low-cost strategies to ride DOL fiduciary rule wave

April 7, 2016

In the shakeout over the Department of Labor's fiduciary rules for retirement accounts, mutual fund giant Vanguard is a clear winner — but archrival Fidelity won't be hurting, either. The rules, announced Wednesday, require that brokers act...

Lesson from Bank of America settlement with Merrill Lynch trainees: Long hours required to make it

March 29, 2016

Bank of America recently settled a lawsuit originally filed in March 2015 that alleged Merrill Lynch had violated federal overtime compensation laws. Each aggrieved ex-Merrill Lynch trainee would be entitled to about $1,000 after legal fees...

SEC approves Finra broker-compensation rule

March 24, 2016

The Securities and Exchange Commission has approved a Finra rule designed to encourage investors to ask their brokers about incentives they received to change firms. The compensation rule requires transferring brokers to send an “educational...

Industry needs to rid itself of misleading labels

February 7, 2016

Language matters. Most financial services practitioners call themselves financial planners or financial advisers. But in reality, many, if not most, are salespeople selling products to earn commissions. Why do they call themselves financial...

For some advisers, money not motivating factor to go independent

January 27, 2016

Wirehouse advisers looking for independence have choices of the type of firms they create or join – independent broker-dealers, existing registered investment advisers or their own RIA. But the option that eliminates the most business worries...

How to calculate a fair salary for a new hire

January 19, 2016

Knowing what to pay a newly hired adviser, paraplanner or client service rep requires advisory firms to use many sources to get the salary right for what a new hire should earn. Those resources include discussions with local firms, an analysis...

Merrill compensation plan makes it tough on small advisers

December 4, 2015

Wall Street wirehouses continue to squeeze their lowest producing financial advisers, with Bank of America Merrill Lynch telling its second-tier brokers this week that they need to sell more products and services to earn the same pay in 2016....

What the CEOs of adviser organizations are paid

December 1, 2015

Managing a successful advisory practice is not the only way to make a good living in the financial advice industry. Running an interest group or an organization that sets standards for an adviser credential also can be lucrative. The following...

How advisers can close the industry's gender pay gap

November 29, 2015

InvestmentNews' Women's Issue last week uncovered many realities about life in the financial advice industry. One seemingly positive finding: The gender pay gap is smaller for financial advisers than for the labor force as a whole. Women make...

The pay gap between the sexes is relatively slim in financial advice

November 22, 2015

The gap between what women and men make for doing the same job is a blight on most professions in America. In financial advice, however, pay inequity between the sexes is relatively slim. Pay data for financial advisers collected by InvestmentNews...

UBS hires three Credit Suisse teams with $3.2B in assets

November 17, 2015

UBS Private Wealth Management picked up three Houston teams that manage approximately $3.2 billion in total client assets. The three teams, formerly of Credit Suisse, were hired by UBS on Monday, according to company spokesman Gregg Rosenberg....

Robert McCann named UBS Americas' new chairman

November 3, 2015

Robert McCann will be bumped up from the leadership of UBS Group AG's advisers in America to a new role, chairman of UBS Americas, where he will focus on clients and strategic priorities in the region, the company announced Tuesday morning....

Advisers seek independence, but less often as entrepreneurs

October 8, 2015

Going it alone isn't nearly as attractive for financial advisers as it used to be. Today, financial advisers are more likely to join an established RIA than to create their own independent advisory firm, a new report by Cerulli Associates found....

CFP Board sanctions two planners for improper use of 'fee-only' label

September 2, 2015

The Certified Financial Planner Board of Standards Inc. has punished two more planners for inaccurately calling themselves fee-only advisers. In a list of disciplinary actions released Friday, the CFP Board said it sent letters of admonition...

Ohio firm's secret – go where the clients are

August 31, 2015

When a business wants to improve relationships with clients, sometimes the answer is to get closer to them. Literally. The financial advice firm Carnegie Investment Counsel has done just that. Over the last several years, they've moved from...

Finra sweep homes in on conflicts in broker pay

August 20, 2015

Finra is taking a closer look at potential conflicts of interest in how firms pay their brokers. In a targeted exam letter, the Financial Industry Regulatory Authority Inc. queries firms about a broad range of compensation practices, from the...

RCAP to focus on cost-cutting at Cetera

August 7, 2015

Now that RCS Capital Corp. has dumped its wholesaling business, the company can better focus on the 11 broker-dealers and 9,500 financial advisers that make up its Cetera Financial Group, according to the company's top executives. In other words,...

Considering growing through M&A? Don't call it a 'tuck-in'

August 7, 2015

Given the massive increase of merger and acquisition activity in wealth management, and understanding the complexity and unique nature of each of these transactions, we have to ask ourselves one very important question: How did our industry...

Retiring boomers lead to increase in number of RIA firms, clients and AUM

August 3, 2015

Who says financial advisers are going the way of the dodo bird? It turns out that the need for advice is stronger than ever, thanks to the flood of baby boomers at or near retirement. The 15th annual Evolution Revolution study by the Investment...

Goldman's Lloyd Blankfein joins billionaire club

July 17, 2015

Goldman Sachs Group Inc. made hundreds of partners rich when it went public in 1999. Its performance since then has turned Lloyd Blankfein into a billionaire. The chief executive officer of the Wall Street bank for the past nine years, Mr. Blankfein...

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