Branch managers and recruiters at the wirehouses have an unexpected challenge this year: They need to convince financial advisers to change firms and take less in compensation than they would have received just a few months ago.
Thanks to the Department of Labor’s fiduciary rule, recruiting packages have dropped to 250% of commissions from 300% last year. When you’re talking seven-figure deals, that’s a lot of lettuce left behind in the fields.
How is this likely to play out? Read our On Wall Street article.
Photo: Bronwyn Quillian