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Merrill's Retention Bonuses Come in Low

By Mark H. Astarita, Esq.

Looks like we will see a flood of Merril reps leaving. With competitors offering 200% of trailing 12 to change firms, how does BoA expect to keep assets...excuse me, representatives...at the firm? Sure, they are loyal to Mother Merrill, but this deal, a reported 1x trailing 12 for a top producer is going to be a problem.Sure, getting 1x trailing 12 to change firms is huge.....well, it was huge at one point in time. My firm has been working on deals in excess of 2x trailing 12. Certainly Merrill is, or was, a great firm, its brokers are, for the most part happy, and at least in my limited experience, and Merrill has, or had, a lot going for it.But when BoA starts offering less than one times for a million dollar producer to stay at the firm, and others are offering him more than twice that to leave, there is going to be a defection...continue to full post

Full post as published by SECLaw.com on October 25, 2008 (boomark / email).