As the economic outlook improves, grid payouts show stability and new incentives are being added to induce financial advisors to strive for more growth.
As the four wirehouses unveiled their compensation plans for 2013, the changes all seemed to have one thing in common: behavior-based incentives for their advisors to attract new assets.
Andy Tasnady, managing partner of Tasnady & Associates, who compiled the data for OnWallStreet.com’s wirehouse ranking for their March issue found that firms are also using training, management reviews and feedback, and technology tools to steer advisors in the right direction.
"They’re definitely taking cues" from one another, Tasnady says of the wirehouse firms: Bank of America, Merrill Lynch, Morgan Stanley, UBS, and Wells Fargo. "They have similar elements around growth—either growth in assets, growth in certain types of accounts, or growth in total sales."
For wirehouse grid comparisons, go to: https://bit.ly/XPbwhk