Wirehouses

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Wells Fargo analyst questions Morgan Stanley's $20M bonuses
NEWS WIREHOUSES OCT 31, 2023
Wells Fargo analyst questions Morgan Stanley's $20M bonuses

Mike Mayo says the payouts to three senior leaders suggest governance risk.

Morgan Stanley CEO contenders pocketed $20M special bonuses
NEWS WIREHOUSES OCT 30, 2023
Morgan Stanley CEO contenders pocketed $20M special bonuses

New Chief Executive Ted Pick and two others were given the equivalent of a year's compensation.

Merrill compensation changes ‘very advisor friendly'
NEWS WIREHOUSES OCT 26, 2023
Merrill compensation changes ‘very advisor friendly'

Industry experts give their verdict on the wirehouse’s decision to replace its ‘growth grid’ with a ‘growth award.'

Morgan Stanley names new CEO, head of wealth and more
NEWS WIREHOUSES OCT 26, 2023
Morgan Stanley names new CEO, head of wealth and more

2024 will bring a fresh look to the wirehouse's leadership.

Raymond James adds $287M AUM wirehouse team in Guam
NEWS BROKER DEALERS OCT 20, 2023
Raymond James adds $287M AUM wirehouse team in Guam

Two advisors join the firm's employee advisor channel.

Recession not likely, says Morgan Stanley's Gorman
NEWS WIREHOUSES OCT 18, 2023
Recession not likely, says Morgan Stanley's Gorman

'If ... you've got a client sitting on a lot of cash earning zero, I would hope you're telling them to put it into Treasuries or something,' Gorman said.

Beacon Pointe adds $2 billion team from UBS
NEWS RIAS OCT 18, 2023
Beacon Pointe adds $2 billion team from UBS

Russell Crow and William Diehl head the Dallas-based group.

Morgan Stanley sees Q3 profit slide on investment bank slowdown
NEWS WIREHOUSES OCT 18, 2023
Morgan Stanley sees Q3 profit slide on investment bank slowdown

Revenue from the fixed-income trading business slumped 11% and, along with muted fees from dealmaking, caused a drop in net income.

Bank of America sees decline in income for wealth group
NEWS WIREHOUSES OCT 17, 2023
Bank of America sees decline in income for wealth group

CEO Brian Moynihan calls the wealth management group 'the least efficient business in the platform.'

Wells Fargo advisors jumping internally — to FiNet
NEWS BROKER DEALERS OCT 16, 2023
Wells Fargo advisors jumping internally — to FiNet

'The bank is trying to keep advisors who would have left anyway and keep revenue in house,' one recruiter notes.

Wells Fargo Q3 earnings beat estimates
NEWS WIREHOUSES OCT 13, 2023
Wells Fargo Q3 earnings beat estimates

The firm raised its full-year guidance again as it continues to benefit from higher interest rates.

Merrill advisors managing $390M jump to LPL Financial
NEWS BROKER DEALERS OCT 11, 2023
Merrill advisors managing $390M jump to LPL Financial

The Fresno, California-based pair of advisors make the 50th team to join LPL’s Linsco channel.

Merrill adviser overseeing $350M moves to UBS
NEWS WIREHOUSES OCT 06, 2023
Merrill adviser overseeing $350M moves to UBS

Matt Burton will join the firm’s Indianapolis office.

UBS nabs two teams from Bernstein Private Wealth
NEWS WIREHOUSES OCT 05, 2023
UBS nabs two teams from Bernstein Private Wealth

The teams, both in Philadelphia, collectively manage $1.7 billion in assets.

Advisors increasingly rely on home office models, survey says
NEWS RIAS OCT 02, 2023
Advisors increasingly rely on home office models, survey says

With more allocation tools at their disposals, advisors are focusing on planning and growing their businesses, Fuse finds.

Morgan Stanley raising pay hurdle for its financial advisors in 2024
NEWS PRACTICE MANAGEMENT SEP 29, 2023
Morgan Stanley raising pay hurdle for its financial advisors in 2024

'It's a tug of war. The firms want to keep more revenue, and the financial advisors want to do the same,' an industry recruiter says.

RBC recruits UBS team overseeing $1B in client assets
NEWS WIREHOUSES SEP 28, 2023
RBC recruits UBS team overseeing $1B in client assets

Leawood, Kansas-based Total Wealth Management has seven staffers.

Wells Fargo buying Neiman Marcus space in NYC for $550M
NEWS WIREHOUSES SEP 27, 2023
Wells Fargo buying Neiman Marcus space in NYC for $550M

The firm plans to convert the roughly 400,000 square feet of space into offices.

UBS wants court to erase $1.9B asset-hiding fine
NEWS WIREHOUSES SEP 27, 2023
UBS wants court to erase $1.9B asset-hiding fine

The asset manager is appealing its conviction for helping wealthy clients with cross-border cash moves.

Morgan Stanley banker to retire after $850B in real estate deals
NEWS PRACTICE MANAGEMENT SEP 27, 2023
Morgan Stanley banker to retire after $850B in real estate deals

Guy Metcalf has been with the Wall Street firm for 33 years.