As we close the books on 2013, most firms have long since set their recruiting goals for 2014. In the process, many have asked where our team saw transitioning advisers moving in 2014.After talking to advisers from around the country, working across all financial services channels, our team is predicting four clear recruiting trends in 2014.
UBS recently hired Courtney Liddy as a senior vice president and wealth management advisor in the firm’s San Diego office
Three top brokerages have raised the stakes for managing the finances of the wealthiest clients, tweaking pay packages for advisers to spur them to lock their sights on the most prestigious accounts.In compensation plans announced internally last week, Morgan Stanley Wealth Management, Merrill Lynch Wealth Management and UBS Wealth Management Americas took a variety of steps to encourage their 40,000 advisers to emulate the industry’s top revenue producers, who cultivate a select set of wealthy clients.
Payout grid. The payout grid, which is based on a percent of trailing-12 month production, remains largely the same except for three production bands between $300,000 and $600,000, which are moving up slightly. For example, a 39% payout that would have applied to advisors making between $400,000 to $599,999 will now apply to advisors in the $425,000 and $625,000. Those changes will take effect July, 1, Chandler said.The so-called “penalty box,” which assigns a mandatory 20% payout to advisors with eight years or more of experience and less than $325,000 in revenue will apply to advisors with under $350,000 in revenue in 2015, Chandler said.
via UBS 2014 Compensation Plan Rewards Planning, Raises Minimums | On Wall Street.