Regional independent brokerage firm Ameriprise Financial has ramped up its efforts to win top financial advisers by matching the signing bonuses offered by the nation's biggest brokerage firms. The strategy, coming at time when its efforts to recruit high end brokers have lagged competitors, was announced on a recent call with analysts and recruiters. It raises signing bonuses to 150 percent of an adviser's last 12 months of revenue, from 120 percent, for those that bring in $830,000 or more. It would also offer signing bonuses of 150 percent for so-called "second quintile" brokers who bring in $585,000 in revenue.Since Oct. 31, Ameriprise has drawn just eight brokers who had more than $100 million in assets under management in the trailing 12 months, according to the firm's own announcements tracked by Reuters. During that same period, regional independent firm Raymond James hired 32 new brokers with at least $3.2 billion in client assets under management in that time, according to the Reuters database.By raising minimum signing bonuses in the top group to nearly $1.25 million from around $1 million, Ameriprise is entering into the same recruiting arena as UBS AG America , Morgan Stanley, Bank of America's Merrill Lynch, and Wells Fargo."Ameriprise is very competitive with the big brokerages," said Tom Lewis, a lawyer at Stevens & Lee who advises moving brokers. Bonuses are one part of the entire recruitment package, and Ameriprise did not immediately disclose other details, such as what it will pay new hires who bring at least 80 percent of their client assets with them.
Ameriprise Financial, Inc. (Ameriprise Financial) is a holding company primarily engaged in business through its subsidiaries. Shares of AMP fell by 0.3% or $-0.35/share to $116.43. In the past year, the shares have traded as low as $76.77 and as high as $118.65. On average, 1106730 shares of AMP exchange hands on a given day and today's volume is recorded at 215948.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS traded higher by 0.79% or $0.25/share to $31.94. In the past year, the shares have traded as low as $23.83 and as high as $33.52. On average, 11491100 shares of MS exchange hands on a given day and today's volume is recorded at 3232747.
UBS AG is a client-focused financial services company that offers a combination of wealth management, asset management and investment banking services on a global and regional basis. Shares of UBS fell by 1.2% or $-0.24/share to $19.73. In the past year, the shares have traded as low as $16.48 and as high as $21.61. On average, 1625460 shares of UBS exchange hands on a given day and today's volume is recorded at 2097856.
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