Only one Wall Street firm is offering a guaranteed recruiting-bonus package totaling 200% of advisers’ trailing-12-month revenues. That firm, UBS Financial Services, set the record in March when it upgraded its best bonus following a branch managers’ conference, industry recruiters say.
They don’t think it makes sense for Merrill Lynch to be buying Advest or for Smith Barney to be adding Legg Mason. They fret over the quality of the remaining regionals and what that means for brokers’ career options. They see richer recruitment deals–but only for advisers willing to sign on longer. They think Morgan Stanley will take the steps necessary to rebound.