October 27, 2021
Mindy Diamond Quoted
By Patrick Donachie
Merrill Lynch Wealth Management is amending its current policy governing how much payout advisors keep for retaining accounts previously under advisors who departed the firm for other companies or retired, according to a senior Merrill Lynch executive detailing changes to the company’s compensation structures in the coming year.
Merrill has faced heavy turnover (mirroring similar challenges at other wirehouses), with Bank of America’s wealth management unit (which includes advisors in private bank, consumer investment businesses and Merrill Lynch Wealth Management) losing more than 400 advisors in the second quarter of this year. According to Mindy Diamond, the president & CEO of New Jersey-based Diamond Consultants, advisors are looking for “a very good reason” to stay with Merrill Lynch.
“They’re loyal to the bull, and Merrill has done a lot to make them not love it,” Diamond said. “There’s a lot of advisors in motion, and they’re watching closely to see what moves Merrill will make to stave off attrition.”