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 […]
LPL Expands Liquidity And Succession Support
LPL has been making a big push on the recruiting front over the last few months. The firm has been revamping its offerings in non-traditional ways as a means to attract new advisors and assets. Their latest efforts include the offering of liquidity and succession support to financial advisors three to seven years away from […]
Annual Advisor Transition Survey Live Now
Annual Transition Survey Now Open 3xEquity is proud to announce the launch of our 4th Annual Advisor Transition Survey (click here). Over the years this survey has helped advisors who are considering a move gain confidence by developing a shared pool of knowledge on the transition experience from securing offers through moving assets. The Significance […]
Unpacking Morgan Stanley’s 2024 Comp Plan
With the third quarter of 2023 in our rearview mirror, now is the time when firms start outlining and announcing their compensation plans for 2024. Morgan Stanley is the first to release their Comp Plan to their nearly 15,000 brokers, with the official announcement having come in the last week of September. After making minimal […]