December 5, 2023
Louis Diamond Quoted
by Miriam Rozen and Mason Braswell
Looking to reinvigorate its veteran broker recruiting efforts, Merrill Lynch is offering top-producing advisors and teams market-leading deals worth as much as 400% of their annual revenue to join, according to multiple sources familiar with the matter.
The new offer puts Merrill’s name in contention with other firms such as Morgan Stanley and UBS Wealth Management USA, which have been commanding a large share of recruits this year, said Louis Diamond, a recruiter in New Jersey, who does not place candidates with Merrill and was briefed on the offer by a reporter.
“If someone’s going to look at Morgan Stanley or UBS, then this deal at least puts Merrill in the conversation too,” Diamond said.
The offer is “crazy,” meaning “crazy” in a good way, according to Rick Rummage, a recruiter in Virginia, who helps Merrill hire brokers.
To be sure, receiving the full 400% still requires brokers to hit growth and asset transfer targets within four years after they join, the recruiters said. But Merrill’s willingness to open its wallets for experienced brokers show it’s seeking a “momentum change” after years of attrition, said a third recruiter who spoke on condition of anonymity.
