After five years of avoiding hiring veteran advisors, Merrill Lynch has sweetened its offers for experienced advisors to as much as 325 percent of trailing-12-month (T-12) production.
Merrill currently is marketing to advisors with at least $1 million in annual revenue. The offers typically are structured so that 150 percent paid is up-front as with an additional 150 percent of revenue at the five-year mark if the advisor's business is at or above 100 percent of the assets under management (AUM) at their previous firm.
According to a recruiter, Merrill may increase upfront payouts for top-tier multi-million dollar produces to as much as 175 percent.
In recent months, other firms have boosted deals as they seek to stay ahead of the competition and capture talent. For example, UBS and Morgan Stanley also have resumed aggressive veteran recruiting over the past two years.
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