Smith Barney might answer, “quite a lot.” The firm recently decided that its “financial consultants” should be renamed “financial advisors” and that high-end reps, now called vice presidents of “investments,” will be rechristened as vice presidents of “wealth management.” Financial advisor is the name most of the other wirehouses use for their registered reps these days. It reflects the industry's attempts to transform its reps from commission-based stock jockeys to fee-based relationship managers. “This new professional designation portrays to our clients the significant advisory nature of the quality relationships clients have with their FA,” Smith Barney said in a memo to branch managers.
