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In Practice December 30, 2006
Merrill to Offer Better Bonuses to Advisers
Merrill Lynch has launched a new 2007 Focus on Growth bonus program for its 15, 700 financial advisers, through which its advisers will be eligible to receive payouts equal to as much as 30% of their revenue.
Reported by Alison Cooke
The firm’s new bonus program works in addition to the firm’s current incentives for advisers, in which bonuses are predominantly based on a growth in client assets and fee-based business, according to published reports.
2007 Focus on Growth will allow for bonuses of 10%, 20% and 30% of commissions and fees earned over the prior 12 months. This production-based incentive plan, therefore, offers reason for advisers to increase all business but, according to published reports, advisers must continue to grow their fee-based work.