October 24, 2024
Louis Diamond Quoted
By Glenn Koch
Morgan Stanley raised its “penalty box” production threshold to $360,000 for 2025, from the current threshold of $300,000, while Wells boosted its 2025 threshold to $330,000, also from $300,000.
The threshold increases are reflective of wirehouses trending toward working with more affluent advisors and trying to nudge lesser producers into self-directed channels or call center roles, according to Louis Diamond, president of Morristown, New Jersey–based Diamond Consultants.
Diamond says Merrill’s decision to hold the bar for lesser producers is a “smart” move and a “victory lap” of sorts for Merrill Co-Presidents Lindsay Hans and Eric Schimpf, now in their second year leading the wirehouse.
