Feb
27
Shrinking Bonuses Slow the Revolving Door of Wall Street Brokers
ByAfter months of secretive planning, seven teams of financial advisers had new business cards and client lists in hand, poised to dump their employers and join Morgan Stanley with more than $500 million of assets in tow.
But the wealth managers woke on Oct. 28 to find the ground beneath them had shifted. Morgan Stanley had pulled the advisers’ lucrative recruitment packages overnight after U.S. regulators clarified new rules to reduce conflicts of interest in the industry, according to people with knowledge of the situation. The teams were thrown into limbo…
Shrinking Bonuses Slow the Revolving Door of Wall Street Brokers
