July 20, 2019
This Week’s Top Stories: Morgan Stanley’s Gorman Stands By His Grid, Merrill By Its Comp Plan
- Morgan Stanley CEO Pledges Loyalty to Grid-Based Payouts
After wealth unit reports record profit, James Gorman says Fed needn’t worry that firm will alter revenue-based broker payout model.
- Merrill Plans No Major Comp Changes in 2020
With average Merrill broker on track to produce $1.4 million of 2019 revenue and to add six new households, executives stick with their carrot-and-stick compensation plan.
- Steward Partners Attracts Veteran in Texas from J.P. Morgan
Dallas office of J.P. Morgan loses $1.3 million producer Amy Sabin to Raymond James-affiliated independent firm.
- Arbitrators Hit Morgan Stanley with $3 Million Sanction for Flouting Rules
Wirehouse refused a Finra panel’s order to give opposing lawyers documents about a former broker who sold Puerto Rico bonds and bond funds.
- Goldman Closes Purchase of RIA Catering to Mass Affluent
Following purchase of United Capital Financial Advisers, Goldman CEO says more acquisitions of firms catering to the mass affluent are possible.