As the average age of the adviser force continues to tick up over 50, firms are getting competitive to try and lure advisers on their way out of the industry.Many wirehouses and independent firms are sweetening their buyout deals and making it easier to enter their succession programs. On top of already lofty upfront recruiting deals, more and more top-producing advisers are considering making a transition as part of their retirement plan.
Wall Street Bonuses Highest Since 2008Average bonus for securities industry in Big Apple tops $164,500, thanks in part to deferred compensationAverage Wall Street bonus paid to securities industry employees in New York grew 15%.The average bonus paid to securities industry employees in New York City grew 15% to $164,530 in 2013, according to the Office of the New York State Comptroller.Including both cash and deferred compensation, this is the largest average bonus paid out since the 2008 financial crisis and the third-highest on record. The average bonus in ’06 was $191,360; in ’07, it was $177,830.