Merrill and Morgan Make Executive Adjustments
The landscape of wirehouse field leaders felt a shockwave as both Merrill Lynch and Morgan Stanley implemented significant changes in their divisional structures last week. Merrill Lynch, in a sweeping move effective January 1, announced the consolidation of its seven sales divisions into six. The internal memo detailing this shift was circulated by Merrill Co-Heads […]
Wells Fargo Boosts Pay For Larger Advisors; Releases 2024 Grid
In a move to further enhance broker-friendly modifications and foster a positive environment for financial advisors, Wells Fargo Advisors executives unveiled their 2024 compensation plan on Tuesday afternoon. Emphasizing continuity and consistency, the plan seeks to build on the successes of the past three years, resulting in improved retention rates and robust recruiting efforts. Effective […]
Steward Partners New Strategy Grabs First Acquisition Of Scale
Steward Partners Global Advisory is set to acquire Freedom Street Partners, marking its first traditional M&A deal. Freedom Street Partners, based in Chesapeake, Virginia, manages $3.2 billion in client assets and employs 38 advisors who collectively generate approximately $26 million in annual revenue. These advisors, who previously operated under Raymond James Financial, will transition to […]
LPL Goes Upmarket – Private Wealth Division With increased Payouts
LPL Financial is making strategic moves in the wealth management arena by introducing a new advisor affiliation option called LPL Private Wealth Management. This initiative is designed to appeal to financial advisors who generate a substantial minimum revenue of $2 million and cater to high-net-worth clients. In a competitive landscape, LPL is following the trend […]
Dynasty Sets Lofty Growth Goal
Dynasty Financial Partners, the thriving support platform for independent registered investment advisors (RIAs), is making substantial strides towards its ambitious goal of reaching $100 billion in assets by July 2024, according to founder and CEO Shirl Penney. Currently overseeing around $80 billion in assets spread across more than 50 partner firms, Dynasty’s journey towards this […]
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 […]