Merrill Unveils 2018 Comp Plan and Other Top Stories
Attacking the grid, the Bank of America brokerage unit adds 2% to payout for hitting new-money and new-account targets—and deducts 2% for brokers failing to grow.
One sought more flexibility at Raymond James Financial Services while another says he liked Prospera Financial’s “culture.”
Drew Hawkins abruptly leaves after spending his 28-year career at the firm.
California advisor David Bahnsen, after making waves about pardoning Michael Milken, says GOP tax plan is a mess for individuals.
Sandy Galuppo, already fired by Merrill, agrees to one-year industry suspension and $10,000 fine, illustrating growing employer and regulatory scrutiny of ethical lapses.
Top comments of the week:
By Try’n To Stay w/ The Bull on 2018 Comp: Merrill Lynch Adds Penalties/Rewards to Spur Asset Growth
What we forget when we read these post is that it’s still good at this firm. Yes, it’s changed, a lot. I have “interviewed” about every option on the street and all have qualities and flaws and Plan B is in place for my team. For all of the stories about non productive FAs there are a lot of us that bring in double digit new accounts and $25 mln plus in new assets yearly. It is sad that mgmt is dumbing down our experience as FAs in my firm and we will lose quality advisors soon in high numbers, but that’s business as they say.
If you are ready to be an equity invested business owner explore independence. If you take comfort in the employee model stop the negativity and do the right thing by growing the business…
I’ve said it before and I’ll say it again – if someone wants to commit fraud or just be plain greedy with clients money – they become RIA’s – they don’t work at wirehouses. Although there are several times more advisors at brokerages than RIA’s – most of the fraud and charges of negligence is at RIA’s, and almost ALL of the ultimate losses suffered by clients is at RIA’s since most of the losses at brokerage houses caused by fraud, incompetence or negligence is ultimately paid back by the firm. Try collecting from an LLC when the person is in jail and the money is gone. If you don’t believe me just google search financial advisor fraud and see how many more RIA’s (LLC’s) come up versus wirehouse advisors. Reminds me of S&L’s in the 1980’s. All the quacks, fraudsters and people looking to run a business with little oversight purchased small S&L’s because of the lack of government resources to oversee them. Way too many small ones to examine them all (just like RIA’s are today). The ultimate S&L bailout cost to taxpayers was enormous! Ms. White’s concerns are dead on target! And the problem is growing.