Some banks have been changing the way they compensate their advisors. Instead of paying commissions on production, they have been moving towards a salary plus bonus plan. Obviously a few banks moving in this direction does not make a trend, but I have heard rumblings of others considering such a move.
Is this type of move a good idea? Consider the history of compensation for advisors in the bank channel. In the 1970s and 80s, banks aggressively started getting into wealth management. They saw how successful Wall Street firms were and realized they were missing the boat. Indeed, they had a ready-made audience of customers who were already buying financial products and services.
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