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.
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.
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.
Mindy Diamond Quoted – By Jed Horowitz, AdvisorHub – Morgan Stanley broke with recent big-firm tradition on Tuesday, telling its more than 15,000 advisors that they will have to generate more revenue in 2020 to qualify for the same payout percentages that they are earning this year.