Withering Wirehouses?Withering Wirehouses?
October 9, 2012
After a period of indigestion following merger activity, wirehouses, comprising of UBS, Morgan Stanley Smith Barney, Wells Fargo Advisors, and Bank of America Merrill Lynch, are nearing the later phases of their restructuring. Executives, such as James Gorman at Morgan Stanley, have realigned their firms toward a leaner future. Integration of platforms, offices, and advisors has been consuming the focus at the wires. The tumultuous environment has resulted in retention and recruiting packages for the best and most productive. Peace offerings to those willing to weather the storm of integration have been gobbled up by top advisor teams. Brand loyalty has faded, as differentiators such as company culture dissolve amidst leadership turnover...
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