Merrill Lynch is adhering to its parent Bank of America's enterprise-wide commitment to bar any increase in overall headcount. As a result, advisors' requests to hire client associates or support staff, even at their own expense, are being denied.
Sources from inside the company told AdvisorHub, that even when advisors pay the full or partial salaries of client associates, the company still bears the expense of employee benefits and payroll taxes.
Although Merrill has halted hiring client associates and support staff, the company has continued to hire for registered roles, including advisors joining its Accelerated Growth Program. The company also remains committed to its effort to restart its veteran broker recruiting.
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.
