Two advisors, who spent the entirety of their careers at Merrill Lynch, have departed to join Morgan Stanley's Alabama office.
The duo produced $1.4 million in annual revenue from $400 million in client assets. Those familiar with the move told AdvisorHub that the team began considering their options after Merrill cut back on commission sales.
In alignment with its 2023 compensation plan, Merrill began taking 5-25% of the commissions that advisors generate. The percentage is based upon how much total revenue an advisor generated from transactional versus advisory business. Merrill executives shared that although commissions accounted for less than 10% of Merrill's revenue, that business represented an outsized source of customer complaints.
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