https://www.advisorhub.com/merrills-sieg-nods-to-competitive-attrition-issue-in-call-with-brokers/
At first they hit them in the pocket then at home.
1 reply
It always comes down to money:
One Merrill broker speaking on condition of anonymity said he felt Sieg’s remarks did not address some of the reasons brokers were leaving. The broker, who has spent his career with the firm, pointed to Merrill’s decision in 2018 to withhold payout on the first 3% of brokers’ revenue and to the “growth grid,” a sticks-and-carrots system for promoting asset and account growth that was implemented in 2018.
“The problem isn’t advertising. It’s the comp cuts,” the New York-based Merrill broker said. “The 0% on the 3% of fee-based business and the punitive end of the growth program.”
Merrill used to be such a well known and respected brand...so sad