If you didn’t read it in Forbes, MSN Money, or Reuters, here is the full article that a press release, picked up by dozens of media outlets, today came from:

The sale of Merrill Lynch to Banc of America (BofA) has triggered one of the largest and most historical talent feeding frenzies in recent history.

BofA will do its best to retain Merrill Lynch’s FAs who represent the cream of the crop in the financial services sector. For that reason, though, their key competitors such as Smith Barney and Morgan Stanley are making all-out efforts to hire away Merrill FAs whose average assets under management are the highest in the industry.

“We have received a lot of calls from Merrill FAs already and have made a lot of calls as well,” says Darin Manis, CEO of RJ & Makay a national financial sector recruiting firm. “Once the dust settles Merrill FAs will be waiting to hear what their retention packages will be. With nearly 17,000 brokers and paying a premium per share price I don’t expect the retention package to be on the high side of competitive.”

RJ & Makay is one of the biggest financial advisor recruiting firms in the country. The firm has recruited many dozens of brokers representing billions in assets this year and hopes to capitalize on the turbulent landscape to grab billions more in the fourth quarter.

“Even if the pending announcement of the retention package is competitive there will still be attrition. With Legg Mason, Piper Jaffrey, AG Edwards and Bear Stearns buyouts there seems to be an average pattern of 8%-15% attrition. With the size of Merrill that could easily mean more than 2,000 brokers ending up with a Merrill competitor. With the average Merrill FA having about 100 million in assets this is clearly a unique and welcome recruiting opportunity” Manis adds.

There is a lot at stake for the Merrill broker and much that must be considered and evaluated. There are monetary concerns of serious consequences. The retention package offered has to be weighed against the transition package a Merrill broker can get by jumping ship to a competitor.

Darin Manis explains, “Money will come into play. For top Merrill brokers their market value is exceeding 200% deals. Some FAs can get more than that depending on assets and production, the amount of fee based business they do, compliance history and a host of other factors. Bottom line is the transition package a primary competitor is willing to pay is always higher than the acquiring firm’s retention package.” Manis adds, “The important thing for Merrill brokers is to see what their options are. Merrill FAs do have a choice and there is a lot of money at stake. They will each have to evaluate what is best for their clients and for their family.”

Of course recruiting firms and the branch managers at Merrill’s competitors will be working hard in the coming weeks to get as many choices as possible in front of Merrill FAs. But money isn’t the only consideration these brokers will be faced with. Merrill has had a long and proud history and many of their brokers have revered the culture and stature of one of Wall Streets top independent investment banks.

Merrill Lynch is the latest (although largest) notch in BofA’s belt. In the last few years BofA has bought MBNA, LaSalle Bank and Countrywide. BofA has announced 150 billion in acquisitions in the last 5 years. Now BofA, the largest commercial bank, will own the largest brokerage firm. BofA will continue to keep their bank’s headquarters in Charlotte, North Carolina.

Manis concluded, “Merrill FAs will have to decide as individuals if BofA will be for them. I expect there will be years of combining cultures, systems and department turf wars. There will be changes. After the transition is fully implemented it won’t just be business as usual for Merrill with a new owner. It never is.” 

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