Brokers at Bank of America Corp.'s (BAC) Merrill Lynch and Morgan Stanley Smith Barney (MS) are also being moved on to new payroll systems as a result of recent mergers and acquisitions. They receive a draw and commissions, but they will not be hit with the flat 25% tax withholding.
A Morgan Stanley Smith Barney advisor in the South said he has adjusted to his new pay schedule, and as long as brokers have budgeted their cash flow well, they shouldn't have a problem with the Wells Fargo schedule.
"As a financial advisor, you shouldn't be living paycheck to paycheck, because you never know when those commissions are going to hit your bank account," the advisor said. "It's like manna from the heavens."
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