Displaying items by tag: recruiting

Wednesday, 26 January 2022 12:15

JPMorgan Loses Major Advisor to Wells Fargo

Wells Fargo has been one of the dominant figures trying to improve advisor headcount and it looks as though some of those efforts are paying off. Steven Tahn is moving from JPMorgan, where he has been since 2012, and bringing $2 million in GCD as well. Wells has had a series of declines for the last couple of years and has fallen short of targets when it comes to recruiting and retention. However, signs of improvement are there and their series of penalties and bonuses for client retention could be starting to pay off.


FINSUM: We’ll be keeping our eyes on the biggest changes in recruiting and retention in 2022 among financial advisory firms.

Published in Wealth Management
Tuesday, 11 January 2022 21:28

Wells Fargo Ups the Ante on Hiring Measures

Wells Fargo sent out a thank you note to external recruiters for their work and efforts in locking in lots of senior hires in 2021. Well’s is going to continue and extend many of the measures it implemented in 2021 into 2022 such as hiring offers for brokers and higher referral fees for outside recruiters. Wells saw their recruiting and retention drop after their scandal in 2016 and it’s been a continuing effort to get back to par with hires. In addition to all the sweetened deals surrounding recruiting there are also measures such as pay cuts if managers lose brokers or don’t hit sufficient hiring statistics. Well’s decision to close their international business has also been a major contributor to their inability to gain transactions in recruiting efforts.


Finsum: Wells used to stand out for their Broker compensation, however competitors are stepping up, and Wells no longer stands out.

Published in Wealth Management

According to a report from Charles Schwab registered investor advisor firms with less than $100 million in assets are improving recruiting efforts as of late. In a poll, it was the fourth listed initiative among RIAs in 2021, up five spots from the previous year. How these new recruiting efforts are delegated is also interesting with a quarter of RIA’s planning on adding relationship managers and 15% looking to add a client-facing management role. Additionally, more than half the firms are also adding back office and admin staff. Talent is an increasingly important commodity in the average RIA firm and many new efforts will be made to obtain it.


Finsum: It will be interesting to see exactly how the details of obtaining new talent come out: whether that’s specific programs or bonus-based incentives.

Published in Wealth Management

Wells Fargo is aggressively pushing branch managers to maintain and recruit new brokers with a variety of incentive-based packages. For example, penalties will be in place for a drop in headcount when it comes to year-end bonuses and will include headcount retention and arrivals rather than purely based on overall revenue. Managers say they could lose big if they don’t increase new brokers and retain old ones. Wells has suffered in its ability to retain advisors as of late and is trying to play catch up with the incentives. Separate recruiting and retention bonuses will also be part of next year’s pay incentive structure.


FINSUM: These are drastic pay changes to the management structure; Wells is serious about growing its working base.

Published in Wealth Management
Wednesday, 21 April 2021 19:30

Where to Get the Best Pay if you are $1m Producer

(New York)

Whether you are thinking of changing firms or just keeping an eye on the market, it is always good to know where you could maximize your take-home pay. With that in mind, here are the firms where you can get the best pay as a $1m producer. It is important to note that these are pretty bullish times for the industry given high market pricing and how that inflates fee income. Additionally, the totals shown have assumptions in them, for example an average balance of AUM across asset classes, length of service at 10 years etc. Here they are: Merrill Lynch, $485,000; UBS, $475,000, Wells Fargo, $472,325; Morgan Stanley, $445,000; Edward Jones, $543,350; Stifel, $514,000; Janney, $510,000; Raymond James $493,000.


FINSUM: The advantage of being at an independent really sinks in when you see these stats. There is nearly a full $100,000 spread between Ed Jones’ payout and Morgan Stanley’s at the same production level.

Published in Wealth Management
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