Coronacrash
Edward Jones Broker Count Up 5%, Firm Pauses Branch Growth
The largest brokerage firm by headcount added 181 advisors in the third quarter and 837 in the past year, but warned of a new-office slowdown amid virus uncertainty.
Merrill Wealth Slowly Eases Out of Covid Slump
Revenue in the third quarter inched up 3.3% from the doldrums of the second quarter despite 61% decline in new client money.
2021 COMP: Firms Likely to Keep Grids Intact Amid Covid Uncertainty
Seeking to reduce disruption after a year turned upside down by the Covid-19 pandemic and market volatility, firms will not make major changes to next year’s comp plans, consultants say.
Wells Fargo Resumes Job Cuts in Break With Top U.S. Competitors
Wells Fargo & Co. has started its long-awaited job cuts, breaking with some of its top U.S. competitors that have resisted workforce reductions amid the coronavirus pandemic.
Morgan Stanley to Move Forward with Tougher Grid Hurdles in October
After a six month delay aimed at providing brokers with relief from potential pay cuts during the fallout from the coronavirus, the firm confirmed it is moving forward with its grid adjustments as planned.
Day Trade Boom 2.0: Advisors Are First Line of Defense Amid Rise in Speculation
Boom in potentially risky behavior can be an opportunity for advisors to prove their value with behavioral coaching and guidance for clients looking to make speculative plays, according to a Cerulli study.
Finra Suspends Ex-Jones Broker over DIY Customer Settlement
Topeka, Kansas broker paid customer $2,500 to resolve a complaint that her account declined in value after the broker delayed in closing the account during the March market crash.
Edward Jones Restores Pay Raises as Q2 Net Income Inches Up
Nation’s biggest employer of brokers lifts freeze on raises that were imposed at the start of the pandemic, but continues new-advisor training halt and ban on overtime pay to branch and home-office employees.
Raymond James Gears Up Expense Controls as Profit Falls 34%
Citing the global pandemic and its economic consequences, Florida-based firm outlines plans to cut costs broadly to generate “significant efficiencies.”
Goldman Q2 Wealth Revenue Jumps from 2019, Falls from Q1
Market appreciation and assets from Goldman’s 2019 purchase of United Capital boosted wealth revenue from a year ago, but it was off 9% from first quarter on Covid effects.
Wells Wealth Division Profit Down 70%, Advisor Count Extends Slide
Higher-than-expected credit provision bankwide hurts wealth unit, which also continued to dribble advisor headcount despite intensified recruiting efforts.
