MetLife Raises the Stakes

Posted on November 11th, 2013 at 12:36 PM

From the Desk of Jim Eccleston at Eccleston Law Offices:

            Details about MetLife Inc.’s restructuring are now coming out after it placed several of its divisions under MetLife Premier Client Group. This new name now encompasses MetLife Securities Inc., New England Securities Corp., and MetLife Resources.

            MetLife aims to do more with less as it is reducing its financial adviser corp by 300 to 600 representatives. It is also requiring its advisers to carry more weight. Paul LaPiana, senior vice president of Metlife Premier Client Group, hopes to have “4,700 to 5,000 advisers with an average of $185,000 in production.” In comparison, last year saw 7,600 advisers with an average production of $127,000 in production. MetLife is putting the pressure on its representatives by raising the minimum production from $60,000 to $90,000.

            Although stringent, MetLife has shown signs of success in being able to decrease representative counts and increase production. It is currently at 5,300 representatives with an average of $165,000, but only time will tell if they are pushing efficiency’s limits. 

 

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags:

Return to Archive

TESTIMONIALS

Previous
Next

If you are being bothered by the Regulators, call Eccleston Law, you won't regret it.

Rick R.

LATEST NEWS AND ARTICLES

April 16, 2024
Former Wells Fargo Advisor Accepts Industry Bar Amidst Misuse of Client Funds Allegations

A former advisor with Wells Fargo Advisors Financial Network (FiNet) in Chicago, Jayson R. Pocius, has agreed to accept an industry bar rather than cooperate with a
Financial Industry Regulatory Authority (FINRA) investigation into allegations of misusing client funds.

April 15, 2024
Commonwealth Financial Network Faces Potential Damages Amid SEC Lawsuit

Commonwealth Financial Network is under fire, as it faces potential damages amounting to $111.5 million from a Securities and Exchange Commission (SEC) complaint filed nearly five years ago.

April 12, 2024
FINRA Penalizes Ex-Raymond James Advisor for Document Alterations

A former Raymond James financial advisor faced a $5,000 fine and a four-month suspension from the Financial Industry Regulatory Authority (FINRA) for allegedly falsifying 25 documents, as per a settlement letter released recently.