Merrill Lynch and J.P. Morgan Advisors unveiled compensation grids for next year that their firms are promoting as modern and stable.

According to Financial Planning, Merrill Lynch will begin calculating each advisor's pay based on the prior 12 months of production instead of on a retroactive basis to their revenue for each calendar year. Most of Merrill advisors' compensation will start at a higher level due to the firm using their trailing 12-month production

J.P. Morgan's grid will more closely resemble those of other firms after an overhaul of the unit's 20-year-old compensation plan. The firm plans to add a "length of service" award for high performers.  In addition to the "length of service award", J.P. Morgan will include a "flows" award to representatives and a new teamwork incentive that gives all qualifying team members the same grid rate as the largest producer on the team. 

J.P. Morgan also has launched a voluntary succession plan for retiring advisors. The firm also will roll out a program that enables brokers from J.P. Morgan Advisors to partner with the branch-based teams at Chase Wealth Management on certain opportunities. 

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