Morgan Stanley Going Hard After Brokers
NEW YORK (
) --
Morgan Stanley's
(MS) - Get Free Report
brokerage unit, Smith Barney, is on an aggressive hiring spree and is offering attractive pay packages to financial advisers as the retail brokerage job market improves.
The company is offering top-performing brokers at rival firms in excess of 300% of their annual fees and commissions over five years, and as much as 280% to second-level brokers,
Reuters
reports, citing headhunters it spoke to.
The recruitment package brings Smith Barney in line with other top firms such as
Merrill Lynch's
Global Wealth Management division, said one recruiter, according to
Reuters
.
Another recruiter, Rick Peterson, president of executive recruiting firm Rick Peterson & Associates, told
Reuters
the firm is offering strong fourth- and fifth-year incentives, while the terms of the initial three years matched what the brokerage had previously been offering for top performers.
Other brokerages such as Merrill, a unit of
Bank of America
(BAC) - Get Free Report
which has suffered from broker defections, already is offering recruits a very strong package, said Peterson.
He added that
Wells Fargo
(WFC) - Get Free Report
might improve its offer, while
UBS
(UBS) - Get Free Report
might soon be out with an offer.
