Morgan Stanley told financial advisers on Tuesday that they could be paid less i...
) told financial advisers on Tuesday that they could be paid less if they do not generate more revenue or get customers to sign up for comprehensive financial plans next year, people familiar with the bank’s 2020 compensation plan said.
Morgan Stanley made several changes to the incentive structure, including its 16-tier “pay-out grid” that determines what percentage of fees and commissions brokers get to take home. The rates range from 28% of commissions and fees at the lowest tier to 55.5% at the highest. Advisers generating above $5 million will not see any change.
The changes underline themes Morgan Stanley and other big wealth managers have been pushing for years in terms of the types of clients and advisers they want associated with their firms.
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