RIAs

The newly formed Cetera Planning Partners is part of the firm's plan to broaden its channel for advisors working as direct employees.

The firms' collaboration shines a light on how the wealth management business works today and how it is evolving, as advisors weigh independence against the risks of "poking the bear" when they leave.

The Bahnsen Group, founded in 2015 by a former Morgan Stanley team, has grown into a private wealth powerhouse with roughly 100 employees and offices in three states.

Adam Cox led the wealth management division of a regional bank for 10 years. His lack of an ownership stake in the business he'd spent so much time building eventually drove him to seek independence.

A consulting and M&A advisory firm presented six prospective sellers to 17 buyers, with striking results for any advisory teams tapping into a frothy M&A market.

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.

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.