Mindy Diamond Quoted – By Patrick Donachie, WealthManagement.com – Merrill Lynch Wealth Management is amending its current policy governing how much payout advisors keep for retaining accounts previously under advisors who departed the firm for other companies or retired, according to a senior Merrill Lynch executive detailing changes to the company’s compensation structures in the coming year.
Louis Diamond Quoted – By Andrew Kessel, Financial Advisor IQ – Raymond James executives have informed managers that the compensation plans for the firm’s nearly 3,400 employee-channel advisors will remain unchanged in its 2022 fiscal year, according to a source familiar with the situation.
Louis Diamond Quoted – By Peter Rawlings, Financial Advisor IQ – Wirehouses are unlikely to reward financial advisors and staff for working through the pandemic in the same way that other financial services firms have and will probably resume implementing compensation changes later this year, according to recruiters.
Mindy Diamond Featured – With Bruce Kellay and George Moriarty, Investment News – George Moriarty, our chief content officer, makes his inaugural visit to the podcast to chat about Bruce’s amazing Neal award. Mindy Diamond starts off the episode with a conversation about adviser movement, the wirehouses, compensation and why there aren’t more female RIAs.
Barbara Herman Quoted – By Charles Paikert, Family Wealth Report – What keeps owners of wealth management firms up at night? Compensation, recruiting, retention and equity certainly top most lists. According to Schwab’s 2020 Compensation Report, median compensation costs are 70 percent of revenues for firms with over $100 million in AUM.
Louis Diamond Quoted – By Miriam Rozen, Financial Advisor IQ – Planned hikes in production thresholds and other factors impacting wirehouse advisors’ pay got put on ice in response to the global pandemic earlier this year. But the thaw is on at some firms, raising questions about how compensation plans will look in 2021.
Louis Diamond Quoted – By Diana Britton, WealthManagement.com – LPL Financial announced its first foray into the W-2 affiliation model when it closed on its acquisition of Allen & Co., a Lakeland, Fla.-based broker/dealer and RIA with 30 advisors and $3 billion in assets under management, last year. Since then, the firm has been building out the business channel, and this week the firm officially opened it to the market with the opening of an office space in Boston, where it is currently recruiting.
Louis Diamond Quoted – By Bruce Kelly, InvestmentNews -LPL Financial said last year it was expanding its platform to capture advisers who are employees rather than independent contractors, the firm’s bread and butter. Now, LPL is putting its money where its mouth is and this morning revealed it would pay those advisers top dollar, with an adviser who generates $1 million annually in fees and commissions seeing a potential as much as a 33% pay increase.
By Mindy Diamond – Over the years, there have been many signs and signals sent from firms that advisors may have dismissed or ignored. As such, they also missed a chance to discern the real meaning or intent—and their opportunity to take a more strategic and proactive stance.
Barbara Herman Quoted – By Miriam Rozen, Financial Advisor IQ – In what is regarded as a conciliatory move, UBS extended the deadline for its advisor teams to meet new higher production revenue thresholds announced earlier this month as part of the wirehouse’s 2020 comp plan.
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