Wirehouses

Despite record growth in wealth management, an otherwise rosy earnings report was marred by $911 million loss related to Archegos Capital.

Despite losing more than 295 net advisors in the first three months of the year, the wirehouse had one of its best quarters in history in terms of revenue.

A net 236 brokers left the wirehouse in the three months ending in March, the company said in its latest quarterly report.

An analysis of the core components of compensation at wirehouses, regional and national BDs.

Our annual analysis of core compensation components at wirehouses, regional and national BDs.

The largest brokerages typically make comp changes that are ‘evolutionary, rather than revolutionary.’

The recruit oversaw more than $650 million in client assets while at his former employer.

For just $1,000, clients can sign up for the firm’s purely digital automated advice service.

To oversee operations in the middle of the country, Merrill Lynch turned to a veteran of the firm.

Rockefeller Capital Management’s latest recruiting spate has netted it three wirehouse teams in Texas, Cincinnati and Los Angeles — one of which caters to Native American tribes.

“When I left, I told Morgan Stanley [Ron] was the best person I've ever worked for in my career,” says advisor Jason Fertitta, who is hiring his old boss.

The bank had nearly 270,000 employees at the end of last year.

Self-directed investors have opened more new accounts at the firm in 2021 than in the third and fourth quarters combined.

The wirehouse picked up a 43-year veteran from its rival.

The dispute highlights the complicated nature of non-solicitation carve-outs when advisors switch firms.

The bank is winding down the roughly $40 billion international segment of its wealth management business.

The team caters to wealthy clients and athletes, and specializes in private placement life insurance.

The margin requirements apply to Merrill Lynch wealth management clients and individual traders using the Merrill Edge platform.

“As of today, Wells Fargo Advisors is not allowing solicitation of those two securities,” a spokesperson for the bank said Wednesday.

The firm pivoted away from an aggressive hiring strategy in 2016 and has seen a substantial drop in costs associated with picking up experienced talent.