Mindy Diamond Quoted
By Michael Wursthorn
Morgan Stanley is going to make its financial advisers wait longer to pocket some of their pay.
For 2015, the bank’s wealth-management division is tweaking its pay scheme so that a slightly bigger portion of adviser compensation will be deferred, although the bulk of it still will be paid out immediately, according to a person with knowledge of the matter. “It has the effect of encouraging people to stay [with Morgan Stanley Wealth Management],” said the person, who spoke on condition he not be identified.
Morgan Stanley, like its rivals, is battling to retain its talent. At last count, in September, the company had 16,162 advisers, the largest force in the brokerage industry.
