Asset and Wealth Management CEO Mary Erdoes said recruiting will help bank double its high net-worth market share over the next 10 years.
Aggressive offer includes potential for top-quintile brokers to receive 320% of their trailing-12 production over four years, including 170% upfront in cash.
Co-head of wealth management business warns of tough second quarter but says firm is content with its hiring, compensation and technology strategies.
When an adviser has a pittance saved in his or her own retirement accounts alarms go off at Raymond James, while Lincoln Financial wants a detailed workout plan from advisers with financial difficulties.
Wells Fargo is offering recruiters a hefty 10% of a hired broker’s trailing 12-month revenue, up from about 6%, through the end of September.
On eve of a wirehouse’s withdrawal from the Protocol for Broker Recruiting, J.P. Morgan Securities again pulls out the recruiting stops and lands a $5 million team.
Steve Bender leaves his former complex in North Carolina to oversee 15 western Pennsylvania advisors at Stifel, while RBC hires Timothy Woods in Des Moines after his 11 years with UBS.
Mary Sumners, 25-year veteran of Dain/RBC, takes reins of Wells Advisors’ northern region in Minneapolis, sources said.
Independent advisory firms, broker-dealers, and regionals that were hiring steadily from wirehouses have the most to lose if the big firms protect their flanks through litigation.
First Republic lures longtime brokerage team of Jeff Sherman and Art Karabelas, who have worked together at Lehman and JPM, and points in between, for about two decades.