How Barclays Blew Up It’s Elite Wealth Management Business

simpsons

Barclay’s and Illinois have a lot in common. Their neighbors love them.

Consider former Indiana governor Mitch Daniels, who once quipped he loved his neighbor and their high tax policies. It was a cinch attracting their businesses to his side of the state line. “It’s like living next door to the Simpsons.”

That’s just how Barclay’s wealth management rivals probably feel about the UK-based investment bank.

Last year, Barclays senior management rejiggered its advisor compensation away from commissions and to a salary plus bonus format. Didn’t they understand that they’d never be able to hire another high producing advisor team ever again?

Advisors began streaming out of Barclays and joining rival firms not long after the new compensation program was announced.

Click here to read my On Wall Street article and find out how this happened.

Photo: Desiree Onievas Lopez

About Mark Elzweig

I am an executive search recruiter with an inside track on financial advisors, the asset management industry, and Wall Street. My work has appeared in numerous publications including On Wall Street,AdvisorOne, and Fund Fire. Journalists regularly seek me out, so you catch my bon mots in The Wall Street Journal, Research Magazine, Reuters, and more. You can follow me on Twitter @elzweig or you can reach me directly at 212-685-7070 or elzweig@elzweig.com.
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