December 14, 2019
This Week’s Top Stories: UBS Raises Payout Hurdles and Reorganizes Field, Ameriprise Rescinds Controversial Indie Fee, J.P. Morgan Melds Advisory Businesses, and Other News
- Ameriprise Retracts Plan to Levy ‘Discretionary’ Fees on Indie Brokers
After outcry from “franchise” brokers who could have been charged as much as $2,000 monthly for using discretionary platform, firm voids fee plan.
- 2020 Comp: UBS Raises Payout Hurdles Across the Board
UBS is raising revenue thresholds so that many brokers must produce more to match 2019 pay, with minimums rising by $200,000 at the 39%, 42%, 49% and 50% payout levels.
- UBS to Shutter Three Sales Regions, Revive Wealth Planning Position
Bill Carroll, Brad Smithy and Jennifer Povlitz emerge as divisional survivors as UBS seeks to align its private wealth organization into its “core field organization.”
- J.P. Morgan Reorganizes U.S. Wealth Unit
New business houses Chase branch-based advisors, digital “YouInvest” online bankers and J.P. Morgan Securities’ 450 traditional brokers into one segment.
- $4.5-Mln Merrill Team in Texas Shuffles to Wells Fargo
Five advisors left the Thundering Herd near Dallas on Tuesday after seven years for the “advisor-led” employee channel of Wells Fargo Advisors.