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.
Morgan Stanley Joins BofA In Broker-Bonus TruceOCTOBER 24, 2013 • BLOOMBERG NEWS Morgan Stanley and Bank of America Corp., owners of the world’s largest brokerages, say the days of paying big bonuses to lure each other’s brokers and keep their own in place may be ending.James Gorman, Morgan Stanley’s chief executive officer, said last week on a conference call that compensation costs may fall as financial advisers switch firms less frequently. Bank of America won’t offer new retention bonuses to Merrill Lynch’s top performers after payments tied to the takeover of the brokerage expire in about two years, John Thiel, the unit’s chief, said in an Oct. 14 interview.
via Morgan Stanley Joins BofA In Broker-Bonus Truce To Boost Profits.
Deutsche Asset & Wealth Management’s Private Client Services has added a team of three advisors in Texas.
The three client advisors join the bank’s Houston, Texas, office from Merrill Lynch where they formerly managed over $1 billion in assets. The team of advisors will report to John McCauley, a managing director and Houston regional executive for Deutsche Bank Wealth Management for the Americas.
via Merrill Team Joins Deutsche Asset & Wealth Management | On Wall Street.
A spike in the proportion of RIA-to-RIA deals in the first half of this year may signify that the advisory field is starting to come into its own.“I think what we are seeing is the next stage of maturity,” says Mark Tibergien, CEO of Pershing Advisor Solutions. “What advisors are realizing is that this business is one that lends itself to active ownership better than passive ownership.” While the total amount of M&A activity declined, the percent of deals that were between RIAs increased to 67% between January and June of this year from 37% for all of 2012, according to Pershing’s mid-year deals report, The Powerful Potential of the RIA-to-RIA Deal. This is the seventh year that Pershing, the advisory services business owned by Bank of New York Mellon Corp., has released the study.
via Financial Advisor Mergers and Acquisitions | Financial Planning.