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