Deal that pays recruiters a hefty 10% of a hired advisor’s 12-month revenue was to have ended in September, but will continue through year-end as Wells pushes to fill seats.
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.
Firm is latest to unwind DOL changes as it pads bonuses with an additional 25% to 75% for transitioning client assets.
Hiring and retention bonuses slice profit margin of private client group by almost 5%, and forgivable loan balances hit $885 million, but Florida firm says is not retreating.
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.