Results for "compensation and staffing"

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LPL's record recruiting year came with a cost — signing bonuses skyrocketed in 2018

March 15, 2019

LPL Financial last month reported a record amount of assets recruited to its platform last year. In a recent filing with the Securities and Exchange Commission, the firm revealed that those assets came with a cost — recruiting bonuses on its...

Wells Fargo CEO Tim Sloan gets 5.7 percent pay boost, $2 million bonus

March 14, 2019

Wells Fargo & Co. boosted Chief Executive Officer Tim Sloan's compensation by 5.7% to $18.4 million for last year as the bank has worked to overcome multiple scandals. Mr. Sloan got $2.4 million in salary and $14 million of restricted stock...

Wells Fargo Advisors sweetens the pot for both older and younger advisers

March 11, 2019

After bleeding advisers for more than two years, Wells Fargo Advisors is changing its succession plan by offering a bonus to advisers who stay on until retirement and giving financial help to young advisers acquiring the business of those advisers...

Cross-selling can be lucrative — and dangerous — for big brokerages

February 21, 2019

Merrill Lynch and Wells Fargo Advisors currently stand at opposite ends of the spectrum when it comes to advisers selling or recommending banking products to clients. Owned by Bank of America Corp., Merrill Lynch is embracing the practice and...

Focus on fees: Tips from top performers

December 19, 2018

An InvestmentNews Research prediction for 2019: Despite all of the discussions around fee compression, the asset-based fee charged by most advisory firms will not change substantially this year, but we do expect that more firms will place an...

In-house 'universities' gain traction as the latest RIA perk

February 14, 2019

The latest sign of the tight labor market for advisers is showing up in the form of in-house "universities" that offer a range of practical job skills along with team-building exercises and general life skills. The universities, which some advisory...

5 ways to attract top talent to your RIA firm

January 30, 2019

One of the tightest labor markets in history, combined with the extraordinary growth of the independent advice industry, has created a fiercely competitive environment for attracting talent. Nearly three-quarters (73%) of independent firms planned...

Wirehouse culture driving the move to independence

February 20, 2019

As a professional headhunter, I always discuss the culture of my client firms with the financial advisers with whom I work. Quite often, instead of inspiring curiosity, I get an eye roll, as if I had told my teenage daughter to clean her room....

Will big recruiting bonuses move reps to these firms in 2019?

February 5, 2019

Seeking either to build on or create momentum with potential recruits, three large brokerage networks — Wells Fargo Advisors, LPL Financial and Cetera Financial Group — are beginning 2019 with substantial offers to lure brokers and financial...

Merrill Lynch's thundering herd reeled in 53,000 new clients in 2018

January 16, 2019

The recent shift in Merrill Lynch's pay plan for its thundering herd of brokers and financial advisers looks like it is paying off, as Merrill Lynch Wealth Management on Wednesday reported record annual revenues of $15.9 billion. Its 14,796...

Morgan Stanley wealth management revenue falls 6% in fourth quarter

January 17, 2019

As the broad market churned and fell in the last three months of 2018, Morgan Stanley's wealth management group saw net revenue fall to $4.14 billion, a 6% decline from the same three months a year ago. In its earnings release, the company said...

Finra bars another wirehouse broker involved in expense report snafu

November 12, 2018

The Financial Industry Regulatory Authority Inc. on Monday barred a former Morgan Stanley broker who failed to complete on-the-record testimony regarding his departure from the firm two years ago after it raised questions about his expense account...

Wells Fargo Advisors 2019 comp plan sees little change

December 13, 2018

Wells Fargo Advisors told the 9,000 or so advisers in its private client group on Thursday afternoon that the overwhelming majority of them will not see changes to their pay plan next year. Wells Fargo reps who produce more than $250,000 will...

Merrill Lynch advisers staring at new pay hurdles in 2019

November 1, 2018

After almost 10 years of a historic bull market, Merrill Lynch's 15,000 registered reps and financial advisers face the prospects of a slight cut in compensation in 2019, when the firm will start withholding a small amount of advisers' monthly...

LPL rolls back recruiting policy aimed at driving more assets to its corporate RIA

October 22, 2018

LPL Financial is backing away from a contentious policy it created last year with the intent of driving more assets to its corporate RIA platform. Rolled out in August 2017, the policy required new advisers joining LPL to have at least $50 million...

Ex-Wells Fargo broker complaint wins class action status in fight over deferred compensation

October 16, 2018

A federal judge has granted class action status to a lawsuit brought by a financial adviser who claimed Wells Fargo Advisors cheated him out of $200,000 in deferred compensation. The adviser, Robert Berry, worked at Wells Fargo Advisors and...

Merrill Lynch: Compensation plan paying off in new business

July 16, 2018

Merrill Lynch said Monday a compensation plan designed to bring in new clients is paying off. Over the first half of the year, the wirehouse said gross new household acquisitions by experienced Merrill Lynch advisers were up 71% over the same...

Hourly pricing model has benefits — and pitfalls

June 9, 2018

Twenty years ago, when Sheryl Garrett launched a financial advisory practice that charged clients by the hour, "people thought it was insane," she recalls. Although some might still question the hourly pricing model for financial advice, it...

Should asset-based pricing models stay or go?

June 9, 2018

Karen Van Voorhis wants to transition her financial advisory clients away from an asset-based pricing model, but she knows that is easier said than done. Ms. Van Voorhis, a vice president at Sapers & Wallack in Newton, Mass., is like a growing...

At this firm, flat fees are about offering conflict-free advice

June 9, 2018

At Single Point Partners in Boston, charging a flat fee is all about offering conflict-free advice. "We don't want clients wondering what might be motivating an adviser's decisions," said Seth Corkin, an adviser at the firm. "We believe this...

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