According to an annual report filed with the Securities and Exchange Commission (SEC), Merrill Lynch's advisor recruiting loan balance has decreased almost 33 percent to $271 million.
The decrease reflects Merrill's current focus on hiring trainees and novice advisors rather than recruiting veteran advisors. Merrill offers trainees and novice advisors packages with guaranteed salaries and bonuses instead of upfront loans. Merrill's loan balance has been on a steady decline since 2017, according to AdvisorHub.
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.
