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Registered Rep. January 9, 2003 David A. Gaffen |
Wachovia Alters Production Payout Wachovia Securities has altered its monthly production bonus payout for 2003, moving up the monthly production level needed in order for brokers to avoid being penalized for monthly payouts.  |
Registered Rep. February 1, 2003 David A. Geracioti |
Bumping the Bar at Wachovia Wachovia Securities is raising the bar on production-related bonuses. Translation for brokers: you've got to produce more to retain your current rate of pay.  |
Registered Rep. December 11, 2003 David A. Gaffen |
Smith Barney Changes Payout Grid Smith Barney is altering its compensation system for 2004, with the main goal being to simplify its payouts and make them more product-neutral.  |
Registered Rep. November 30, 2005 Kristen French |
Wachovia Shaves Payout, Levels Charges on In-House and Outside SMAs After simplifying it's payout structure earlier this year, Wachovia Securities announced that it would make some more tweaks in 2006 and raise ticket charges on some in-house money-management products to match those of third-party products.  |
Registered Rep. November 1, 2004 David A. Gaffen |
The Tipping Point Depending on how the grid changes resolve continuing differences between the Pru and Wachovia payout plans, old Pru reps may be ready to walk. Advisors say that at this point, they are growing weary of promises and pep talks.  |
Registered Rep. September 1, 2004 Will Leitch |
For Advisors, 2003 Was a Better Year The fortunes of advisors took a turn for the better in 2003, according to the annual report from the Securities Industry Association.  |
Registered Rep. December 19, 2008 Christina Mucciolo |
Merrill Tweaks Grid; Lowers It For Smaller FAs Merrill Lynch executives released the 2009 Financial Advisor Comp Plan -- with good news and bad.  |
Registered Rep. September 27, 2004 David A. Gaffen |
Wachovia Securities in Technological Purgatory The Prudential/Wachovia Securities systems integration continues to frustrate the firms' advisors, although the most serious problems have been cleared up.  |
Registered Rep. December 1, 2005 Kristen French |
Wachovia: Back on Track Wachovia is back in good graces with its brokers. The many integration headaches of the firm's merger with Prudential Securities have finally subsided. Reps polled say management has tackled a number of improvements.  |
Registered Rep. December 12, 2006 Halah Touryalai |
Smith Barney Pay Package: Perks Balance Cuts? This week, Smith Barney will become the first firm to make a change to its payout grid as a result of the securities industry's recent battle over broker overtime pay and so-called chargebacks.  |
Registered Rep. November 3, 2006 Kristen French |
Morgan Tinkers with Grid; Wants FAs to Aim High James Gorman announced the rollout of a new compensation program that will greatly increase the firm's spending. But, in an effort to get reps to think big, accounts below $50,000 will no longer generate any compensation for the rep.  |
On Wall Street March 1, 2013 Braswell & Konish |
Compensation Plans Step Up to Next Level Compensation plans for 2013 come with new incentives for advisors to strive for growth.  |
Registered Rep. April 28, 2003 David A. Gaffen |
Wachovia's Banking Unit Has New Deal for Reps Wachovia Securities, which offers reps several different affiliation levels, has predictably come up with a recruiting deal that has several different plans reps can choose from. This particular deal is only for those reps applying to work in the bank branches.  |
Registered Rep. October 1, 2002 Rick Weinberg |
Morgan Stanley Boosts Pay for Fee Business Morgan Stanley unveiled a new compensation plan for brokers that rewards fee-based business and penalizes transactional business.  |
On Wall Street March 1, 2010 Helen Kearney |
Compensation 2010 Your definitive guide to the changes in advisor compensation across the industry.  |
Registered Rep. February 20, 2009 David A. Geracioti |
No Retention Bonuses For Wachovia Reps; Wachovia Securities To Be Renamed Danny Ludeman, head of Wachovia Securities, told managers earlier today that financial advisors would not receive any retention bonus.  |
Registered Rep. January 1, 2003 Rick Weinberg |
UBS PaineWebber Cuts Bonuses, Expense Accounts Brokers at UBS Securities received a double hit of bad news in early December. Not only were they informed that the bonuses they receive for assets under management were being cut, but expense accounts are being trimmed as well.  |
Registered Rep. August 30, 2002 Betsy Riley |
Reps' Earnings Suffered Double-Digit Loss in 2001 The SIA surveyed 34 member-firms, finding a drop in broker earnings and a move toward fee-based business models.  |
Registered Rep. May 23, 2011 Jodie Papike |
Ninety-five Percent Payout? I Don't Think So The headline payout numbers offered by firms can often be quite misleading so it's not a bad idea to take a second look. There are typically a host of costs that cut into an advisor's net take-home pay, and these can add up.  |
Registered Rep. January 31, 2006 John Churchill |
A.G. Edwards Cutting Compensation As the brokerage industry moves upmarket and seeks better return on equity and profit margins, the pressure for reps (and their firms) to produce continues to increase.  |
Registered Rep. December 1, 2006 Kristen French |
Morgan's New Comp Plan Morgan Stanley retail head James Gorman announced the rollout of a new compensation program for 2007 -- one that will increase the firm's spending on compensation by millions of dollars. But the plan will also eliminate any compensation to reps on accounts below $50,000.  |
Registered Rep. May 29, 2007 Kevin Burke |
Smith Barney's Krawcheck to Smooth Out Comp. Plan The brokerage giant's top executive is set to tweak the firm's compensation plan in an attempt to address financial advisors' repeated complaints over pay complexities and claims of unfairness.  |
Registered Rep. November 1, 2005 John Churchill |
The Money Squeeze There's one thing that stands between the big retail brokerage firms and the high profit margins that the executives of these firms and their investors seek: the financial advisor.  |
Registered Rep. August 1, 2006 Kevin Burke |
Stay Wachovia's not the first firm to offer multiple affiliation options to its reps -- Raymond James has offered something similar for several years -- but it is the first wirehouse-type brokerage house to do so. Ultimately, the model could serve as a blueprint for the retail advisory business.  |
Registered Rep. February 21, 2007 John Churchill |
Smith Barney Comp Pleasant Surprise Judging from initial reports from reps, the written version of the new plan is an improvement from the prior version -- a plan many reps equated to a pay cut despite the firm's insistence that it was "revenue neutral."  |
Registered Rep. May 1, 2005 |
60 Seconds With David Monday Wachovia Securities' new Individual Investor Group leader talks about his plans for the new division.  |
Registered Rep. January 7, 2011 Kristen French |
Will the SEC Curtail Recruiting Bonuses? With brokerage revenues getting squeezed and regulators sniffing around compensation issues and potential conflicts of interest, it's possible that 2011 could bring some changes to broker comp plans.  |
Registered Rep. June 15, 2007 Kevin Burke |
Wachovia Extends Olive Branch to A.G. Edwards Reps. Will They Accept? Just 15 days after it announced it was buying A.G. Edwards, Wachovia Securities announced its retention package for A.G. Edwards reps.  |
Registered Rep. November 1, 2004 Mindy Diamond |
Weighing a Merger's Implications When a securities firm is in the process of merging with another, the knee-jerk response of many reps is to scramble for the exit. Strangely enough, this hasty reaction often is a smart one.  |
Registered Rep. November 1, 2006 John Churchill |
A.G.E. to Catch a Rep Instead of buying brokers like its peers with offers of big upfront forgivable loans, A.G. Edwards is offering its own reps bonuses for successfully recruiting good reps.  |
Registered Rep. February 24, 2003 David A. Gaffen |
Wachovia-Pru: What's Next The newly-announced joint venture between Wachovia's retail brokerage and Prudential Securities isn't scheduled to close for another 18 months. But the new company should be able to measure the effectiveness of its broker-retention strategy sooner than that.  |
Financial Planning June 1, 2005 |
FP50: The Results The 50 largest independent financial advisory firms--this year's FP50--in words and graphs.  |
Registered Rep. January 1, 2006 Halah Touryalai |
The Winner's Curse Many advisors independent b/ds recruit have now unrealistic expectations: They want full technical and marketing support, as well as help understanding products and asset managers.  |
Registered Rep. November 1, 2006 Halah Touryalai |
The Entrepreneur Equation Many a rep dreams of going independent, if only for a minute. But is it worth it, especially these days when most firms are offering record upfront signing bonuses?  |
Registered Rep. June 1, 2006 Kristen French |
Hungry for Hires Wachovia hired a whopping 900 reps in 2005, bringing the total to 10,400, and aims to add the same number in 2006, including around 100 rookies.  |
Registered Rep. January 1, 2007 Kristen French |
More or Less? Smith Barney overhauled its pay package -- just in time for the new year. Some of the changes it made were pretty radical -- especially for an industry in which any pay change, no matter how minor, is often a source of uproar.  |
Financial Planning June 1, 2013 |
How the FP50 List Was Compiled The results of Financial Planning's 28th annual survey of independent broker-dealers are based on data provided by 78 participating firms.  |
Registered Rep. April 21, 2009 Christina Mucciolo |
Smaller Advisors On The Firing Line It used to be that financial advisors never got fired.  |
Registered Rep. March 4, 2009 David A. Geracioti |
The Conflicts of Interest in Not Being a Fiduciary; Hang Charlie Merrill In Effigy? At least one commentator is calling for Charlie Merrill to be hung in effigy for creating the modern-day, hard-charging, sales-oriented brokerage called Merrill Lynch.  |
Registered Rep. December 9, 2003 John Churchill |
Following the Money Trail It's a testament to the increasing complexity of the advisory business: Many advisors -- people whose very living depends on their ability to track the ebbs and flows of money -- are having trouble understanding whether they're being paid correctly by their own firms.  |
Registered Rep. February 1, 2003 David A. Gaffen |
An Employer's Market It's a hirer's market out there, but brokerage firms have not stopped recruiting. In fact, although it is quieter than usual, many firms are still willing to pony up big bucks in hopes of attracting top-shelf talent.  |
Registered Rep. January 1, 2003 Nicholas Ferber |
Switching Has Changed During trying times like these, many reps are looking to switch jobs. When pondering a move, no question occupies more time or discussion between brokers, hiring managers and (sometimes) recruiters than the following: "What's in it for me?"  |
Registered Rep. June 1, 2005 John Churchill |
Wall Street's Big Curtain Call How baby boomer brokers move into retirement over the next 10 to 15 years will change the face of the industry in many ways.  |
Registered Rep. December 14, 2012 Megan Leonhardt |
Wirehouses Dangle New Carrots, Small Sticks In 2013 Across the board, all four major wirehouses tweaked their compensation plans for the upcoming year; In some cases, they are upping the bar to earn payouts and putting greater emphasis on incentives to gain new, richer clients.  |
Registered Rep. March 1, 2003 Ross Tucker |
Fees? Sigh, Ho Hum Relatively few brokers are increasing their commitment to fee-based advisory practices, even in this everything-to-gain-from-change economic environment.  |
Registered Rep. December 1, 2004 David A. Gaffen |
Meet the New Boss, Different From the Old Boss November's news that Bob Mulholland was leaving Merrill Lynch wasn't entirely a surprise. He had been co-head of the 14,000-strong retail brokerage unit, but Merrill insiders figured all along that only one boss would prevail.  |
Registered Rep. September 23, 2009 Halah Touryalai |
Client Service (Not Retention) Bonuses for Wells Fargo Advisors Some Wells Fargo Advisors financial advisors are earning their bonus dollars through a client service program.  |
Registered Rep. March 31, 2015 Diana Britton |
Perks of Being an IBD Advisor Many b/ds offer their reps special perks and incentives beyond payout  |
Registered Rep. October 1, 2005 Christopher O'Leary |
It's in the Bank Wirehouse veterans who have switched to bank brokerages say Wall Street's perception of bank brokerages is stuck in the past, and that the best bank brokerages have become much more competitive in terms of production, assets and compensation.  |
Registered Rep. November 1, 2002 David A. Gaffen |
Requiem for the $250K Broker Until recently, brokers were immune to the industry's downsizing, which has included a decimation of the ranks of investment bankers and the elimination of thousands of support positions. Brokers, it was assumed, covered their own costs by generating commissions and fees. Not anymore.  |