Every year, the wirehouses tweak their compensation grids. And from the end of last year through the beginning of this one, our telephones have been ringing off the proverbial hook with advisors that were extremely upset with their wirehouses’ announced compensation changes.
The changes causing advisor consternation range from a decrease in compensation or penalties for not making banking referrals, to a rising bar for minimum household size or a change in policy regarding support staff. Yet the message is always the same: “I am feeling a loss of control and I am unhappy about it.”
