Merrill Lynch Launches Fourth Installment of "Project Thunder"

October 5th, 2021, 12:00 AM

Merrill Lynch (Merrill) has announced another round of policy changes in its Project Thunder campaign. According to AdvisorHub, President Andy Sieg told brokers during a town hall on September 14 not to expect any "large-scale change" in their compensation plans for 2022. 

Under the fourth installment, Merrill plans to update its "Merrill One" advisory platform to allow advisors to enter multiple work orders simultaneously. Merrill will also reduce turnaround times for clients looking to join its parent Bank of America's donor-advised funds. Lastly, Merrill plans to make more lending specialists available to advisors to assist their clients with mortgages. 

The changes included in the fourth installment expand a list of what have so far been procedural changes by Merrill managers. The changes have consisted of relaxing rules about onboarding customers with cannabis businesses to granting advisors exemptions when seeking to bring family members directly onto their teams. Advisors (internally and some who have left) say the campaign has failed to address the source of their chief grievances. 

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.

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Blog

Merrill Lynch Launches Fourth Installment of "Project Thunder"

October 5th, 2021, 12:00 AM

Merrill Lynch (Merrill) has announced another round of policy changes in its Project Thunder campaign. According to AdvisorHub, President Andy Sieg told brokers during a town hall on September 14 not to expect any "large-scale change" in their compensation plans for 2022. 

Under the fourth installment, Merrill plans to update its "Merrill One" advisory platform to allow advisors to enter multiple work orders simultaneously. Merrill will also reduce turnaround times for clients looking to join its parent Bank of America's donor-advised funds. Lastly, Merrill plans to make more lending specialists available to advisors to assist their clients with mortgages. 

The changes included in the fourth installment expand a list of what have so far been procedural changes by Merrill managers. The changes have consisted of relaxing rules about onboarding customers with cannabis businesses to granting advisors exemptions when seeking to bring family members directly onto their teams. Advisors (internally and some who have left) say the campaign has failed to address the source of their chief grievances. 

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.

Return to All