It’s All About Control
November 2023
Article Written by: Vince Fertitta
Those who dictate compensation are in control. I have recently spoken with a number of advisors at a large bank-affiliated wirehouse after the institution revealed to employees how it has decided to pay them next year. While they reserve the right to change compensation whenever they see fit the bank announced that they will start paying their advisors to convince at least 55% of their clients to open or maintain a non-interest-bearing checking account with the bank.