October 17, 2020
This Week’s Top Stories: Wells Cuts ‘Salaried’ Advisors, Morgan Stanley’s E*Trade Referral Plan, and More
- Wells Fargo Broker Count Falls Below 13,000 as Firm Lays Off ‘Salaried Advisors’
Wells Fargo Advisors’ brokerage force fell by a net 390 in the third quarter, due largely to layoffs of “salary-and-bonus” advisors, a spokeswoman said.
- Morgan Stanley Limits E*Trade Customer Referrals to Specialized Brokers
Wirehouse restricts prospecting of E*Trade customers to network of around 500 “high-quality” teams that already receive referrals from its workplace plan businesses.
- 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.
- Morgan Stanley Hires Merrill Lifer with $473-Mln Book in Illinois
Arrival of $2 million producer on Friday followed Morgan Stanley’s recruiting of the previous week of a UBS broker in northern California.
- First Republic Founder Says Advisors Are Proving Their Worth
The advisory teams First Republic has been attracting from traditional brokers helped drive a 20% increase in third-quarter assets.