MassMutual B-D gooses advisors with new bonus
The registered investment advisor arms of independent broker-dealers are showing their cards this spring as they continue to chase clients’ advisory assets, and demonstrate their willingness to reward financial advisors as part of that pursuit.
MML Investors Services, the IBD unit of Massachusetts Mutual Life Insurance Co., is introducing a new bonus to its 7,300 financial advisors this year, according to the firm’s Form ADV, which was filed last Thursday with the Securities and Exchange Commission. The firm has $72.8 billion in RIA assets.
Form ADVs are updated at the end of March each year by RIAs, which are registered with the SEC. Firms are required to discuss any potential conflicts in the disclosure.
According to the filing, this year, the firm’s investment advisor reps can earn an “advisor growth bonus” that rewards an increase in net assets. Details about the bonus, such as potential dollar amounts or the amount of assets required, are not disclosed in the filing.
But MML Investors Services is looking for advisors to increase revenue in four areas, according to the filing: advisory programs for which the firm serves as the broker-dealer and which are held in custody with Fidelity’s National Financial Services, including Envestnet programs; the firm’s branded fee-based annuities; in-house brokerage accounts; and trust company accounts.
MML Investors Services provides flexibility to advisors, a MassMutual spokesperson wrote in an email. “This new program recognizes new non-proprietary business on our open-architecture platform and is one of many ways that MassMutual is investing in its wealth management business.”
For the past 10 to 20 years, large broker-dealers like MML Investors Services have tried to shift
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