There is no more anecdotal evidence needed here. The Merrill exodus that was predicted by this author now six years ago has become, as one Merrill advisor aptly put it a few days ago “who’s left today”.
That is where Merrill finds itself. Its advisors check industry publications to see who has left the firm every day.
Not each week, or each month… but every day.
This time the transfer occurred in NYC to the tune of nearly $2B and annual revenue at more than $11M.
Led by Stephen Kincade and Alexander Fridell the team made the transition based “almost purely on culture”, said a source close to the team. Other members included on the team are Chris Kincade (Stephen’s son) and client associates Zach Kingsley, Jessica McEntee, and Elle Schiowitz.
We mentioned in this publication last week that Merrill had lost $200B in client assets in the past four years. Now make that $202B. As big as this team in NYC is, Merrill has lost 100 of them in the past 48 months. Read that again.
It’s stunning… or according to Andy Sieg “it’s seasonal.”
We expect the procession and mass migration out of Merrill to continue as the level of noise in recruiting circles is at all-time highs. The fall has historically been the most active transition period for financial advisors. It will be exceptionally so this year.
Just one more time for effect: “The uptick in advisor attrition associated with competitive recruiting is seasonal.” – Andy Sieg
