Merrill Lynch Retiring Advisors Could Pocket Almost Triple Their Production
Mindy Diamond Quoted
By Mrinalini Krishna
Merrill Lynch has added a big sweetener to payouts for advisors on the brink of retirement by tweaking its Client Transition Program (CTP).
The wirehouse announced Wednesday an increase in its award payouts to retiring advisors for all production levels. The award has increased by five percentage points for the lower-production tiers while the top producers ($7.5 million or more) could see their payout jump by a whopping 75 percentage points to a maximum of 275% of their trailing-12 month production.
“It’s an honest attempt by Merrill Lynch to acknowledge the attrition they’ve had at the top of the food chain, and to acknowledge that they needed to make the deal more competitive,” says Mindy Diamond, longtime industry recruiter and president and CEO of Diamond Consultants.
“I think it will get some people to stay for sure — I think particularly at that $7.5 million level,” says Diamond. But she cautions that there may be others who might not find this deal good enough to stay.