I did fiddle around with a meme caption generator and wrote this version of a common meme choice entitled: "Wirehouse CEO Hitler Reacts" to fee based wealth advisors (featuring Itchy and Scratchy). captiongenerator.com/1142232/Wireho…
October 16, 2018 – Morgan Stanley.
Compensation expense of $4.3B. morganstanley.com/about-us-ir/sh… Total MS quarterly revenues of $9.9B. So ~43 % of revenue goes to the brokers/financial advisors/employees. That math maps to Merrill Lynch: herskovitslaw.com/blog.php?artic…
Compensation expense of $4.3B. morganstanley.com/about-us-ir/sh… Total MS quarterly revenues of $9.9B. So ~43 % of revenue goes to the brokers/financial advisors/employees. That math maps to Merrill Lynch: herskovitslaw.com/blog.php?artic…
The Wealth Management business units of Bank of America (Merrill Lynch and US Trust) just announced:
Assets under management (AUM) $1.1T
Total Client Balances $2.8T
Total quarterly revenue $4,783M
Pretax margin 28%.
$4.73B/ $1.1T X four quarters = total fees of 1.7% on AUM
Assets under management (AUM) $1.1T
Total Client Balances $2.8T
Total quarterly revenue $4,783M
Pretax margin 28%.
$4.73B/ $1.1T X four quarters = total fees of 1.7% on AUM
"The only way Fidelity can make money on a free product is ... to cross-sell you into high-margin products." Everybody Freemium! bloomberg.com/news/features/…
Until now a broker typically just received a percentage of the fees and commissions generated by their trades. "Now Merrill brokers’ earnings depend on whether they were able to acquire new clients and refer them to other services provided by the bank." herskovitslaw.com/blog.php?artic…
Bank of America’s other businesses sent more than 44k referrals to Merrill Lynch and U.S. Trust; they in turn sent more than 77k referrals to the other Bank of America businesses. barrons.com/amp/articles/m… Everyone cross sell and freemium!
When was the first cross sale or upsell involving freemium? Brewers who gave away salted nuts to sell more of their fermented mash? Or was it earlier? A free sack of wild boar jerky with every quarter mastodon taken in trade for animal skins?
