veteran advisors
Merrill Lynch forcing out veteran brokers under $250KPosted by RJ and Makay on Dec 08, 2010 |
Starting at the 
end of 2011, advisors at Merrill Lynch with 10 or more years of experience, producing less than $250,000 in annual client commissions and fees will be required to leave the advisor ranks, say people at the firm. Advisors who don’t achieve the cut-off point can be considered for other, low-ranked positions at the company, such as client associates.
Like other brokers, Merrill Lynch typically pays less to advisors who aren’t reaching target commissions in order to discourage them from staying on, but this is the first time it has issued a flat minimum production. Merrill Lynch uses a “penalty box” on its pay grid for those advisors who fail to make their numbers, which discourages veteran advisors from coasting at lower levels.
