According to a spokesman at Merrill Lynch Management, around 200 prospective advisors have been stripped of their clients. 

Earlier this month, Merrill executives sent a letter detailing the policy changes to local managers of the Advisor Development Program, according to AdvisorHub. According to the letter, the firm gave the managers until September 16 to remove the clients, sent to a pool to be distributed to established Merrill advisors.  The firm stated that it would compensate trainees for removed clients with a one-time payment, "based on the previous compensation plan and activity associated with these relationships."

In May, Merrill eliminated its Financial Advisor Development Program. As a result, 1,000 of its 3,000 trainees became bank-based financial solutions advisors. At the same time, the other 2,000 trainees were allowed to finish the program and have not been affected by client removal. Simultaneously, the firm banned cold calling to prospective clients and pledged to source new clients from Bank of America's pool of retail customers. 

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