By Louis Diamond – Conversations throughout the wealth management industry have escalated around the topic of “enhanced” sunset programs with talk that the advisor elite at Merrill Lynch will be offered a “retention deal” in the near future.
Barbara Herman Quoted – By Miriam Rozen, Financial Advisor IQ – To boost its recruiting and retention efforts, Wells Fargo Advisors has announced that, effective April 1, it will offer more generous options for FAs on both sides of its succession packages — those retiring and those getting the retirees’ books of business.Specifically, WFA will offer retiring advisors who commit to a warm hand-off of their book of business to remaining WFA FAs a loyalty award of 25% over their trailing 12 months production.
Mindy Diamond Quoted – By Mrinalini Krishna, Financial Advisor IQ – Sunset agreements are a fast-growing technique the industry is using to help solve its looming advisor retirement problem. But are these contracts setting up the next generation of advisors for failure?
By Wendy Leung – Succession planning has become a hot topic, driven by an aging advisor population and the anticipated wave of retirements coming in the next decade. Planning for one’s next chapter is the best way to ensure the legacy an advisor has worked so hard to build can continue well into the future.
By Wendy Leung – All of the major wirehouses have established sunset programs which allow an advisor to monetize the business at retirement. Unfortunately, these programs typically permit little customization and contain provisions which tie the business to the firm.
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