Many former Merrill Lynch advisors are “disappointed,” many out-right “insulted,” by the retention package Bank of America has offered.
“So far the reaction is mixed,” said Darin Manis, CEO of RJ & Makay, a financial advisor recruiting firm based in Colorado Springs in a press release. “Advisors doing over $1.75 million in individual production is where Merrill/BofA drew the line for their best deal. Advisors doing under that didn’t fare as well.”
RJ & Makay spoke to “dozens” of financial advisors over the weekend and found the concensus is that those advisors under $1 million in production are very disappointed with their offered retention package — “We’ve heard the word ‘insulted’ a lot,” Manis said.