April 15, 2021
Louis Diamond Quoted
By Miriam Rozen and Mason Braswell
A senior Merrill Lynch executive on Thursday underscored that the firm plans to selectively hire veteran brokers in some key markets in the coming months, a sign headhunters read as a thaw in the brokerage’s three-year retrenchment from veteran broker recruiting.
The comments appear to mark a “big change in strategy” for Merrill, which has shown little interest in experienced advisor teams, even ones with attractive client rosters, said industry recruiter Louis Diamond.
“Merrill has been getting bludgeoned,” said Diamond. “And in the last couple of years Merrill hasn’t been restocking the pond with experienced talent. It’s just been focused on trainees who aren’t bringing books.”