“Merrill Wealth Management President Andy Sieg has laid out a strategy of growth without recruiting by implementing a grid supplement that awards extra payout points to brokers who grow their annual assets through new accounts and deducts points for asset contraction. Merrill will offset departures like those of Dinkins’ “Wilshire Wealth Management” group through an in-house farm system that includes advisors trained at Bank of America’s Merrill Edge discount broker and in-house training programs.”
‘Growth without recruiting’ by adding 26 year old Merrill Edge advisors to former 30 year veteran chairs is the most Bank of America thing ever. And this guy has to actually say this stuff out loud. Lol.
Besides these defections to Wells Fargo, Stifel and others continue to absolutely feast on Merrill advisors in every corner of the country.
“While advisors have left across the country, Merrill has experienced a heavy outflow of brokers and managers in Texas, including the departure of Dallas complex manager Michael Armondo in May to Rockefeller Capital Management, of Houston-area complex manager Jeremy Silvas in September to Raymond James Financial and of two $3-million advisory teams near Houston in August to Wells Fargo and to Stifel, Nicolaus.”
“Stifel also opened a new office in Frisco on Thanksgiving week with a Merrill emigrant.”
This article could literally write itself every week in 2019. We expect that to continue in 2020.