Another major wirehouse is keeping its compensation largely the same in 2022.

In a similar approach to rival firm Merrill Lynch, Morgan Stanley will make no changes to its compensation grid next year, according to an internal memo this week from the firm’s head of field management, Vince Lumia. While Wells Fargo hasn’t released its 2022 grid, UBS streamlined its system and J.P. Morgan Advisors updated the firm’s model to look more like those of its competitors. The slight shifts at Morgan Stanley will play out respectively in January, June and July in lending, banking, incentives for net acquired assets and team pay.

Morgan Stanley and other wirehouses are facing more rivals than ever for financial advisor talent, whether among regional employee brokerages, independent broker-dealers or the increasing number of RIA platforms and consolidators. In the firm’s last earnings call, CEO James Gorman cited some “very big teams coming in” as a sign of the firm’s recruiting momentum this year. However, the firm no longer discloses its exact headcount in its force of about 16,000 brokers, making it difficult to track its performance in the crucial fight for talent.

Read the original article on: Morgan Stanley adds loan and E-Trade incentives to 2022 pay grid

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