Wary of brokers who make their money by "riding the calendar" of new stock and bond issues rather than patiently building the firm's wealth management business, Morgan Stanley (MS) is cracking down where it hurts the most: compensation. Since April 1, Morgan Stanley Wealth Management financial advisers have seen their compensation cut by as much as 50 percent on sales of new issues to clients who use the firm primarily to get allocations of those securities. Morgan Stanley is hoping that a drastic cut in this kind of compensation will spur brokers to sell more products, such as mutual funds, loans and financial planning services, to those clients, according to several Morgan Stanley advisers.
via Business News - Yahoo Finance http://ift.tt/1hwdDR8
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