Industry

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.

Most "regional firms" still have fairly generous compensation for advisors at the low end of revenue production. But at Janney and RBC, the pay rates are lower and much closer to those of large Wall Street firms.

Traditionally, regional firms were places where advisors with mid-level revenue production could find comfortable homes. Janney and RBC show how that's changing.

Touchstone Wealth Partners is the fourth team with more than $1 billion in client assets to join Wells Fargo's FiNet unit this year.

For advisors like Chris Diodato of WELLth Financial Planning, everything from insurance to industry software is costing more these days.

The addition of Peter Laidlaw to Merrill's offices in San Francisco comes as firm executives aim to engage in "more aggressive recruiting."

A deal is more than just a top-line number and misalignment in culture and communications can cause conflict down the line.