The company’s business development expenses, which include recruiting costs, rose to $56.9 million in the last quarter — a 45% rise over last year, InvestmentNews writes.
The 75 year-old ex-Goldman Sachs partner says health concerns are not the reason behind the decision, which was driven by “how I want to spend my remaining years,” according to a letter the firm sent to clients.
From Wells Fargo’s perspective, the nascent initiative to tighten up operations is, in the main, client- rather than advisor-centric.
The number of full-service wealth management firms that aggressively recruited from each other has dropped from 10 to four in the past 25 years, Gormansaid, referring to the big four
The acquisition is conditional on, inter alia, regulatory and competition authority approvals and is expected to complete by Q1 2019.