The battle on Wall Street for top-producing stockbrokers is turning into a gold mine for some of their clients.
The battle on Wall Street for top-producing stockbrokers is turning into a gold mine for some of their clients.
In an effort to keep valued retail-brokerage customers from following their financial advisers out the door, Morgan Stanley, Smith Barney and other firms are offering some clients discounted commissions on trades or waiving account-management fees.
While the details vary by firm and customer, some clients are being told they won’t pay any fees for two years if they stick with the firm, according to people familiar with the situation.
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At Morgan Stanley, which is expected to complete as soon as Monday its deal to buy controlling interest in a joint venture with Citigroup Inc.’s Smith Barney brokerage unit, fees have been waived for hundreds of brokerage clients, saving them in some cases $15,000 apiece.
To read the full story, visit wsj.com
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