Recruiting

Facing a growing number of rivals in the independent channel, the wirehouse is boosting the compensation rate for more than 3,000 reps.

Morgan Stanley is introducing an initiative to draw more young people from diverse backgrounds to the finance industry, furthering its outreach efforts a week after appointing to the bank’s board its first woman of color.

The midsize firm’s headcount fell for the fourth straight quarter, even as nearly every other key metric expanded from the year-ago period.

As independent wealth managers pitch potential recruits on their scale, the IBD network built tools and hired “growth officers” to work with practices.

Hundreds more financial advisors have flocked to the wealth manager this year, driving new highs in headcount, client assets and several other metrics.

CEO Ron Kruszewski predicted its independent arm will grow the way the employee brokerage has since the firm hired its first financial advisor in 1997.

The wealth manager’s financial advisor headcount is rising, along with the productivity of their practices.

One firm made three small changes that could appeal to brokers, while the other company’s overhaul will make it more closely resemble its competitors’ setups.

Seven former Wells Fargo Private Bank planners left to join a firm seeking to expand where they say large banks and brokerages have pulled back.

A quartet of advisors with $400 million in assets chose the independent firm out of many suitors.