Cetera On A Tear(a)
Cetera Holdings has successfully completed its acquisition of Avantax Inc., ushering in a new era for both companies. This strategic move has added significant assets to Cetera’s portfolio, including $82.3 billion in assets under administration and $42 billion in assets under management. The acquisition encompasses Avantax’s legal entities, brand, core technology, product offerings, and existing […]
Airing Of Grievances
Festivus Season is still a few weeks away but that didn’t stop Bank of America Chief Executive Brian Moynihan from starting the celebrations early this year. Now nearly 25 years on from its introduction as part of the TV Show Seinfeld, Festivus is a (made up) holiday alternative to the pressures and commercialism of the Christmas […]
Morgan Stanley Continues Leadership Shuffle
Morgan Stanley continues to undergo significant leadership restructuring, with key appointments aimed at further enhancing the company’s wealth and investment management capabilities. In a memo released by co-President Andy Saperstein on Monday, it was announced that Jed Finn, a seasoned executive within the organization, will assume the role of head of wealth management, effective January […]
LPL Recruited Assets Continue To Outpace Rivals, Accelerates
LPL Financial is experiencing success in its efforts to expand its affiliation models, specifically targeting wirehouse brokers and registered investment advisors (RIAs). During the third-quarter earnings call, company executives highlighted the positive impact of these initiatives on net new assets and headcount. While LPL’s traditional independent channel remains a substantial contributor, responsible for recruiting $13 […]
Morgan Stanley Bonuses Execs (**but it’s mostly stock options based on future performance)
Morgan Stanley has taken a significant step in its leadership transition, awarding special bonuses of $20 million each to the incoming Chief Executive Officer, Ted Pick, and his two deputies, Andy Saperstein and Dan Simkowitz. This substantial share-based incentive was disclosed in a regulatory filing on Friday. The announcement comes on the heels of the […]
BofA’s Brian Moynihan Right About Merrill Lynch – $250B In Departures Says So
In a significant dust up at Merrill Lynch over the past two weeks, CEO of Bank of America Brian Moynihan called Merrill Lynch the “least efficient” business unit at the bank. He was right. There are all manner of words to describe why he’s right but it is much easier to do it in numbers. […]
Return of the Regulators – Department Of Labor Wants To Control Your Book/Clients
The Department of Labor is poised to introduce a new proposal, known as the Retirement Security Rule, aimed at addressing conflicts of interest related to retirement savings advice. This proposal is set to overhaul the definition of a fiduciary under federal retirement law, closing existing loopholes and making it more challenging for advisors who provide […]
BofA Boss Pokes The Bull; Insults Merrill Lynch Advisors On Earnings Call
During the company’s third quarter earnings call on Tuesday, Bank of America’s Chief Executive, Brian Moynihan, highlighted the bank’s Global Wealth division as its least efficient unit, stating that significant efforts are underway to ameliorate this situation. He pointed out that the co-heads of Merrill Wealth Management, Lindsay Hans and Eric Schimpf, are fully engaged […]
Tracking 2024 Comp Plan Reveals (Pt 1)
The mostly sideways financial markets this year have left many advisors wondering what their comp plans are going to look like in 2024. Now, they have a much clearer idea. Over the last week, AdvisorHub has shared news from Morgan Stanley, J.P. Morgan Advisors, and Merrill Lynch, all of which gives advisors more intel about […]
LPL Makes Moves On Mid-Career Advisors
Are you a mid-career advisor looking to get back to the parts of your business that you enjoy the most? Then it is worth noting that LPL, flush with capital, is shifting its gaze in your direction with some interesting moves. In fact, LPL is jumping in with both feet to recruit such professionals, according […]