Industry

Compensation differences between wirehouses and regional firms become pronounced at the $2 million production level, with regionals rising to the top of the pay scale and wirehouses grouping together at the bottom.

A report from the industry tracking-firm DeVoe & Co. finds that 2026 is off to the strongest start for RIA acquisitions ever and broker-dealers like LPL are among the main purchasers.

While the megabank had previously announced an executive shakeup, it revealed that Pershing is part of a newly combined business line moving forward.

When it comes to compensation, firms really start to distinguish themselves at the $1 million production level. Janney has become one of the lower payers in recent years, while RBC and UBS have signaled a greater willingness to work with these advisors.

CEO Brian Moynihan said the firm recruited twice the number of advisors it did a year ago and is making progress fighting advisor attrition.

Chief Financial Officer Sharon Yeshaya says financial advisors have $400 billion in assets since 2020 from clients who first came to Morgan Stanley either through its workplace or E-Trade businesses.

For advisors with $600,000 in annual production, regional firms like Janney and RBC have been reducing their compensation in recent years. They're now more in line with the pay policies more commonly found at large Wall Street firms.

In the first quarter, the firm's FiNet channel for advisors working as independent contractors recruited advisors with $9 billion in client assets.

Top executive Jane Fraser dismisses speculation Citi wants to buy a U.S. retail bank while touting surging revenues for the megabank's wealth unit and the firm as a whole.