Merrill Lynch Wealth Management (Merrill) is launching a two-month-long initiative amid a growing number of seasoned and high-producing advisor departures.
"Project Thunder" is inspired in part by advisor feedback. Merrill Wealth President Andy Sieg shared that the campaign focuses on several broad pillars: "making it easier to do business, product and platform enhancements, success, and culture, and promoting the Merrill brand."
According to Sieg, "Project Thunder" will introduce three moderately small changes and will include a total of at least 24 changes over the eight weeks. The first initial change will allow some trainees to join teams directly. The campaign also will feature additional modifications to the "24-hour trading rule" and the inclusion of alternative investments in a personal wealth analysis tool.
Additionally, Merrill is making it harder for advisors to leave and take their clients with them. Merrill has installed teams of client experience specialists who call on customers of departing advisors and offer fee discounts.
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.