Career moves

The shuffling comes halfway through the longtime CEO's five-year retention package.

Recruiters say the moves show how wirehouses will continue to fight an uphill battle as they struggle to keep experienced teams from moving on in the coming year.

Greg Wilson of the Wall Street giant's Asset & Wealth Management unit wants to provide employees with tailored plans using a blend of technology and personal financial coaching.

Industry recruiters see the changes as intended to make client assets and advisory teams "stickier" and to retain executive talent.

With few new advisors coming into the industry but total U.S. assets growing rapidly, Morgan Stanley, Wells Fargo, Merrill and others are having to up their compensation game and distinguish themselves in other ways if they want to capture a larger share of the wealth pie.

At least one industry consultant thinks the large fintech provider has lost its "innovative spirit" since Bill Crager took over from his fellow founder in 2019.

In wide-ranging interview, CEO James Gorman warns that proposed banking rules would drive up interest rates for first-time homebuyers.

As it seeks to bolster its U.S. presence, the Canadian bank's wealth management subsidiary has been one of the most active recruiters in the industry in recent years.

Two frontrunners have emerged as possible successors to the long-serving CEO, but even more potential candidates wait in the wings.

Recruiters see the banking giant's offering as central to its bid to retain top teams and prevent them from going independent.