Attorney Tom Lewis of Stevens & Lee shares advice for financial advisors on navigating transition, avoiding termination, Protocol vs non-Protocol moves, and what you need to know before signing a binding retire-in-place agreement with your firm.
By Mindy Diamond, WealthManagement.com – Financial advisors who opted-in to Merrill’s CTP (Client Transition Program) are finding they are stuck in the ironclad agreement, bound by a strict non-compete and clawbacks. It’s a cautionary tale for advisors who have yet to sign on.
Mindy Diamond Quoted – By Miriam Rozen, Financial Advisor IQ – Don’t expect other wirehouses to match Merrill Lynch’s recently-sweetened payouts for retiring advisors, because Morgan Stanley, Wells Fargo and UBS had taken steps previously to retain senior talent. In addition, precise comparisons of the various incentives the wirehouses offer are difficult for FAs to make, say recruiters. Mindy Diamond, longtime industry recruiter and president and CEO of Diamond Consultants, suggests Merrill Lynch’s new plan may have disappointed some of its FAs.
Mindy Diamond Quoted – By Mrinalini Krishna, Financial Advisor IQ – 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.
In this special podcast episode, Vince Fertitta, breakaway Merrill executive who is now President of Sanctuary Wealth, joins the show to discuss the Merrill Lynch enhanced CTP and what it means for all Merrill advisors going forward.
Mindy Diamond Quoted – By Jed Horowitz and Mason Braswell, AdvisorHub – Merrill Lynch Wealth Management unveiled long-anticipated changes to its account-transition program for retiring brokers on Wednesday, adding five to 75 percentage points to the payouts brokers can receive over five to seven years after selling their “books” to colleagues.
By Mindy Diamond – With the anticipated announcement of an enhanced CTP, Mindy Diamond spoke to Merrill breakaway executive Vince Fertitta for his take on what it could mean for advisors, next gen and clients.
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