Merrill Managers Stoke Up Client-Retention Deals
July 20, 2020
Louis Diamond Quoted
By Mason Braswell
Merrill Lynch has been offering clients of departing brokers pricing arrangements that appear more generous than is standard in an effort to retain their accounts, according to recruiters and competitors.
The deals include fee waivers that can extend for up to two years, signaling that the Bank of America wealth unit is more concerned than officials have admitted about the pace of experienced advisors who have been leaving.
“It’s real money that clients can save,” said Louis Diamond, a recruiter with Diamond Consultants in New York who said some brokers he has helped move out of Merrill are contending with the issue. “It’s an expensive retention strategy, but I’m sure it works in some cases.”