Let�s play with a little math, shall we? In the past 90 months, Merrill Lynch has lost $230B in client assets due to advisor attrition. Yes, that�s billion with a �B�.In 4 1/2 years, based on publicly available data, Merrill has lost the equivalent of 230 billion dollar teams. That is incredible. It�s almost unfathomable.
Their completion at UBS, Morgan Stanley, Rockefeller, and even Stifel have feasted on Merrill lifers now for years. And the eatin� has been good.
So what is Merrill leadership�s current response? A just rolled out to the field memo, that will compensate market managers to recruit advisors with LOS� under 12 years that hail from the likes of banks and credit unions. Banks and credit unions. Seriously.�It is difficult to put into words the lack of brand loyalty that no longer exists at Merrill Lynch amongst the remaining advisors and teams. I�d estimate that more than half of large team movement in the industry is coming from one firm � Merrill Lynch. In my thirty years in the business as an advisor and recruiter, I�ve never seen anything like it.� � Roger Gershman, CEO of wealth management recruiting firm The Gershman Group.
Each weekend there is another announcement of a large Merrill team migrating elsewhere. It�s become the one constant in an industry that�s been booming for nearly a decade now.
The only �bust� that anyone can find in this section of the financial world is the once proudest brand on the street: Merrill (formerly known as Merrill Lynch).
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