Wirehouse advisors

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.

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.

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.

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

Michael Outlaw, the recently named president of Rockefeller Global Family Office, says family offices are defined more by the services they offer than by their relationships with wealthy families.

The latest study tracking financial advisor movement from research firm Cerulli Associates suggests that employee brokerages must change with the times.

Snow Pine Private Wealth is the latest in a string of advisory groups to jump from UBS to Wells Fargo.

Darryl Cohen faces a maximum of 20 years in prison for fraudulently persuading professional atheletes to buy insurance policies at massive markups.

Tom Cleary and Robert Whittington return to Morgan Stanley to start Southeast Wealth Management Group in Orlando, Florida.

The arrival of Warren-Fantano Wealth Management at Janney will give the regional broker-dealer a new office in Delaware.

The Weikes Slattery Group generated $17 million in annual revenue from locations in New York and California.

The move comes amid UBS executives' acknowledgement that they're trying to strike a balance between keeping advisors happy and improving the profit margin for their U.S. wealth business.

Amid UBS advisor exits, 25-year veteran joins Morgan Stanley