Merrill Lynch is off to a slow start in its attempts to increase recruiting and improve headcount. Merrill executives told managers the unit hired 10 advisors this year, while 75 have left as a result of competitive attrition, retirements, or other various reasons.
The majority of recruits will join Merrill through its s Accelerated Growth Program, which targets new advisors with fewer than 12 years of experience and pays recruiting bonuses as a guaranteed salary. To boost recruiting for the program, the firm will require recruiters and managers to hit a recruiting goal to receive a portion of their bonus. To further increase recruiting goals, Merrill has been offering a bounty of $25,000 for successful placements into the Accelerated Growth Program.
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