Earnings
UBS Bosses Lay Down New Profit Goals for U.S. Brokers
Company ratchets up profit margin and productivity goals and introduces new advisor desktop to help achieve them, but stands fast on restraining recruiting.
Raymond James Keeps Recruiting Gate Open Despite Expense Jump
Revenue generated by the Florida-based firm’s burgeoning brokerage force rose 12% last quarter, but rising legal and compensation costs contributed to an 8% decline in pretax profit at its wealth division.
Ameriprise Again Leans Heavily on Wealth Unit
Financial firm’s 9,900 brokers fueled 46% of its third-quarter pretax profit as retail customer assets grew 9% from a year earlier to $588 billion.
Morgan Stanley Focuses on ‘Wallet Share’ as Q3 Profits Rise 7%
Executives say key to growth is convincing wealthy customers to concentrate more of their assets at the firm, a core goal of firm’s 2019 compensation plan.
Merrill to Retain Growth Penalties, Bonuses in 2019 Compensation Plan
Firm has no plans to pull out of the Broker Protocol, a senior executive said after Merrill Lynch Wealth Management reported its highest third quarter of revenue since being bought by Bank of America.
Wells Fargo Advisors Reports 1% Loss of Brokers in Third Quarter
Sales force across brokerage channels has dropped by over 1,000 since September 2016 when fake bank accounts were disclosed.
Edward Jones Broker Count, and Profits, Surge
One of Wall Street’s last partnerships says its brokerage ranks grew by 10% as of June 30 from a year earlier, while net revenue was up 11%.
Analysis: Fee-Based Flows Slump in Second Quarter
Several big brokerage firms reported double-digit declines in net new advisory assets as recruiting slows and the Labor Department’s fiduciary rule was formally vacated.
Raymond James Recruiting Breaks Records, But Profitability Slips
The company reported a 16% sequential decline due in part to costs associated with business development, including “significant” recruiting and retention costs, as well as litigation.
UBS Americas Wealth Profit Up 16% Despite Asset (and Broker) Outflow
Higher fee based income and lower recruiting expenses helped boost profit despite client withdrawals.
Morgan Stanley Wealth Profit Up 9%, But Fee “Flows” Fall
As at Merrill Lynch, brokers increased loan sales to wealthy customers in the second quarter but attracted less new advisory account money than in earlier periods.
