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IBDs saw decent year in 2020 wirehouse recruiting
Independent broker-dealers saw gains in recruiting coveted wirehouse advisers despite the massive disruptions caused by COVID-19. Firms are also building out registered investment advisory platforms to lure advisers.
January 18, 2021 2 MINS
Independent broker-dealers last year continued to make inroads in recruiting the most valuable financial advisers and registered representatives of all those who work at the four large wirehouses: Merrill Lynch, Morgan Stanley, UBS and Wells Fargo Advisors.
Wirehouse advisers are the highest producing in the industry; on average the generate in the neighborhood of $1 million per year in fees and commissions. Advisers at independent broker-dealers, so-called because they are employed as independent contractors rather than employees, on average generate one-quarter to one-third that amount of revenue.
Morgan Stanley leaves pay plan mostly intact for 2021
But teams are staring at new hurdles tied to assets, financial plans and online brokerage
December 16, 2020
Morgan Stanley told its 15,000 reps and advisers last week that for the most part, it isn’t making changes in the compensation plan for next year. But the firm did add new hurdles or targets to emphasize the wirehouse’s push for advisers and teams to do more financial planning and have clients engage with technology and online brokerage platforms.
In 2018, Morgan Stanley launched its digital dashboard, WealthDesk, as part of that push. Last year, Morgan Stanley planned tougher compensation hurdles for its advisers but has delayed putting them in place as advisers and the industry as a whole dealt with a multitude of unknowns this year due to COVID-19.
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