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November 8, 2017

2018 Comp: Merrill Lynch Adds Penalties/Rewards to Spur Asset Growth

by Jed Horowitz and Mason Braswell
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2018 Comp
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2018 Comp: Merrill Lynch Adds Penalties/Awards to Spur Asset Growth
Bloomberg/Getty Images

Merrill Lynch on Wednesday put a dollar-and-cents handle on its concerns about the firm’s slothlike customer growth.

Brokers who fail to increase customer money by 2.5% in 2018 or do not sign up at least three new affluent households will have their payouts reduced by 2%. Alternatively, those who increase new customer assets and liabilities (such as loans and deposits) by 5% and who bring in five new household accounts will get to keep 2% more of the commissions and fees they collect.

“The design of our 2018 plan is intentional,” Merrill Lynch Wealth Management head Andy Sieg wrote in a memo to the firm’s market executives. “To align incentives with growth behaviors, and to encourage performance with thresholds set at levels that can benefit every advisor.”

Compensation plans designed to drive sales behavior typically include year-end bonuses that give cash and stock to brokers for hitting sales growth targets or selling certain products or account types. Merrill’s 2018 program breaks new barriers in applying a growth metric to their monthly pay, industry veterans said.

“It’s pretty bold in that it touches the third rail of compensation, the grid,” said consultant Andy Tasnady, referring to pay tables used throughout the retail stock brokerage community that tie the percentage of fees and commissions that brokers keep to their total annual production in the previous year.

In unveiling the 2018 plan to its almost 15,000 brokers after the markets closed, Merrill executives emphasized that the 11 revenue breakpoints on the grid that qualify them to earn from 34% to 49% of their production will not change. But increasing new assets and liabilities by 5% (with a ceiling for big producers of $15 million) will add 1% to the grid payout.

Brokers can tally another 1% of payout by signing up five households keeping at least $250,000 with Merrill, or adding two new accounts of at least $10 million each.

The stick? Failure to grow net new assets and liabilities by 2.5% (with a ceiling of $7.5 million) will slice 1% from a broker’s payout, and another 1% if he or she fails to sign up at least three new qualifying household accounts. Hitting one target and not the other will keep the payout percentage unchanged.

Merrill and its large competitors have for years endured slower client growth as their brokerage forces have become smaller and older, but had bandaged the problem by recruiting experienced brokers and their client books from each other. But recent decisions of Merrill, Morgan Stanley and UBS to end the expensive recruiting wars, and fears that more money is moving to independent advisory firms and robo-advisors, has stimulated a search for new growth solutions.

Sieg has been telegraphing his and Merrill parent Bank of America’s concerns, saying that net new growth of less than one household per broker a year had to be addressed and hinting that he would be dangling carrots and wielding sticks to change sales behavior.

“If they are not hiring they need to make it up somewhere else, and if Merrill comes in next year with great growth results because of this, competitors might follow,” said Tasnady, who is a consultant to the firm. “But it shows how serious Merrill is, because firms are risk-averse when it comes to comp plan design changes for fear of alienating brokers. You don’t often see bold changes, and this one’s a pretty good one.”

Under the new growth grid, a broker producing $800,000 who would have taken home $320,000 based on a 40% payout could have $16,000 added to her pay if she meets both growth goals—or lose that much for missing the targets. Similarly, a $1 million producer who gets a 41% payout worth $410,000 (about the average for Merrill brokers) could gain or lose $20,000 for hitting or missing the targets.

“It’s going to keep them on their toes,” said Alois Pirker, wealth management research director at consulting firm Aite Group, who had been briefed on the Merrill plan.

Merrill also has tweaked other parts of its comp plan.

To the chagrin of some advisors, it is deferring an extra 1% of broker’s cash pay into long-term compensation, meaning that deferred comp will range from 3.5%, for brokers producing $350,000 to $449,999, to a maximum of 7% for those generating $5 million or more of revenue. The deferred earnings—still about half the maximum that Morgan Stanley takes out of brokers’ pay—includes 25% in Bank of America stock that vests over three years and 75% in cash vesting over eight years.

Like Wells Fargo Advisors, Morgan Stanley and UBS Wealth Americas, Merrill will next year stop paying brokers and crediting them with grid revenue for retirement accounts for themselves and their families.

Merrill also has eliminated the so-called penalty box for brokers whose payouts plunged to between 20% and 35% if they produced less than $350,000 or $250,000 annually based on their years of experience. In 2018, the payout for under-$350,000 producers will be 34% or 35%.

Merrill also is eliminating the 1% grid reduction now imposed on brokers who don’t refer at least two customers to Bank of America, but will continue to exclude mortgage referrals from counting toward the quota. Brokers who do not make two referrals cannot qualify for the “growth grid” award increase, team-based grid award or so-called Top Advisor Summit trips.

Like its competitors, Merrill also is making changes to its program for aging brokers who are considering retirement, an important constituency given the graying of the broker population and the hiring slowdown across the big firms.

To encourage participation, Merrill is raising the base pay for brokers in the so-called Client Transition Program (CTP) to a range of 105% to 200% of the total revenue they produce, up from a range of 100% to 160%, with an opportunity to earn another 40% if assets grow while they are in the CTP. It also increases the length of the program, during which a broker’s book gradually moves to other team members, to five from four years. That gives some brokers more time to work down promissory note balances on retention or hiring loans, meaning they can leave without having to write a big check to the firm, one broker observed.

Brokers who “inherit” accounts from a CTP participant will receive payout on only 50% of the retiring broker’s production credits throughout the five-year period. Currently, payout for the receiving broker rises progressively to 60%, 65% and 75% at the back-end of the program.

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Comments (40)
  • on Nov 8 2017, Hey now says:

    Let the games begin …open the flood gates ..wait till you see how many people leave ..it’s gonna be interesting

    > Reply to Hey now
  • on Nov 8 2017, Wolf says:

    Been here 10+ years and morale has never been this low amongst FAs. Wouldn’t be shocked if a class action surfaces

    > Reply to Wolf
    • on Nov 8 2017, Former bull says:

      Given upcoming DOL changes. Maybe it’s time all FAs and RIAs form a Union to protect against this unforgiving corporate culture that chews us up and throws us out without care. Class action sounds good but we need more protection. If pro atletics have a union so can we.

      > Reply to Former bull
      • on Nov 8 2017, Enough is enough says:

        These fat cats will never stop. They want us to grow while they cut more and more. We get it from the govt and them. They are corrupt and hide under the veil of clients interest. A union and lawsuits are the answers. Removal of protocol is next!

        > Reply to Enough is enough
      • on Nov 13 2017, Jim Joyce says:

        Finally someone is saying this out loud ! Now lets move on it.

        > Reply to Jim Joyce
    • on Nov 8 2017, Freddy Finlayson says:

      Freedom exists at Stifel. Products, platforms, & payout. management gets it here. Respond for more

      > Reply to Freddy Finlayson
    • on Nov 16 2017, RonB says:

      I left in May to Raymond James. I cannot believe the culture and how well they take care of advisors who take care of the clients.

      > Reply to RonB
  • on Nov 8 2017, Tommy487 says:

    Maybe the management team should just stop this nonsense ,pay a standard payout and look at nonproductive employee expenses ( like management compensation ) to save a little money .That’s too logical for these guys. Will never happen !!!

    > Reply to Tommy487
  • on Nov 8 2017, Dan Tully says:

    No matter how you slice it it’s a paycut. It forces FAs to dick around with their book ie householding adjustments and timing when you open them. Maybe one year you won’t get dinged then the next 2 you do. Based on my decades of experience a solid and successful LOS 20 FA doing say 850 in PCs is busy all day with their book. Making 340k or thereabouts. Wife a few kids college coming up and having a life he doesn’t have time nor desire nor need to open more accounts. Also dinging this hypothetical guy for growing his parents and inlaws retirement assets is insane. It’s another paycut since the firm will keep the PCs. The right thing to do then is send it to Vanguard. Who wins with that? Reading between the lines what these firms have always had a problem with is having this guy earn 340k. They want to pay him at most 150k and this is a start to salary and bonus if you jump through credit card hoops. The real issue with account growth is that no new FAs can be successful under the current Program. And these young guys are where the new account growth should be. Maybe 25 accounts a year for 20 years. Having FA only get 50% on inherited CTP book and have grid payout cut on assets and account loss which is inevitable on a few relationships every year with retirement of long time FA. This makes teaming with a future CTP guy too risky. The pay cuts are also a lock when equities correct and interest rates increase.

    > Reply to Dan Tully
    • on Nov 11 2017, Retired Bull says:

      Would you invest in a company that doesn’t even try to grow. About 10% of advisors actually spend time growing their business . The rest are sitting on their books of mostly inherited accounts acting like they are warren Buffett. Give me a break. It’s about time a firm stepped up and asked advisors to work!

      > Reply to Retired Bull
    • on Nov 12 2017, Bob says:

      The Dan Tully’s of the world do not exist any longer. What a shame. Thanks for being who you were leading ML. You truly understood how I made a living and continually do so after 40 years. You got it and still get it!!!

      > Reply to Bob
  • on Nov 8 2017, EffML says:

    Better hope an fa doesn’t leave your branch in mid December. If you are assigned the accounts and the accounts then follow the fa that left the inheritors get screwed with this deal big time

    > Reply to EffML
    • on Nov 9 2017, Hey now says:

      There’s a 6 month look back

      > Reply to Hey now
  • on Nov 8 2017, Ron Edde says:

    A lesser known aspect of this article, dealing with the firm’s “sunset” retirement program which Merrill calls the CTP, is the fact that even at 200% FAs are getting double-screwed. Not only can one get a much higher multiple selling one’s book outside of the firm’s guidelines (as an independent) but any funds paid inside the CTP are all fully taxable at ordinary income rates. Sale proceeds as an independent, on the other hand, are only subject to long-term capital gains because the IRS recognizes that transaction as the sale of an “owned business” asset. The fact is, underscored once again in this example, is that advisors do not legally own their book of business in an employee model.

    > Reply to Ron Edde
  • on Nov 8 2017, Joe Mama says:

    So.. your in the Wealth Management business and your paid by fees on your accounts. You can’t open 3 accounts and bring in $7.5mm in a year LOL.
    3rd prize is your fired. Maybe you guys in the wrong business, go teach whining..

    > Reply to Joe Mama
    • on Nov 8 2017, EffML says:

      Ok, what you fail to realize is if you have a large amount of clients already; finding the time to manage those assets and develop NEW relationships is difficult. Add the DOL conversions and annual reviews to that and it’s impossible. Regardless, why am I being punished if my current clients deposit new money annually to offset any assets lost due to RMDs, living expenses or death? This comp plan is designed to make the FAs job to chase assets instead of servicing clients.

      > Reply to EffML
  • on Nov 8 2017, Roger Burke says:

    Will my advisor get new clients, get more assets, or retire, or take a pay cut? Or should i just MEGI at .0045%??

    > Reply to Roger Burke
    • on Nov 8 2017, BullInanIkeaShop says:

      MEGI is .45% fee and you better believe in the next couple years it will come to GWIM. In 5 years gwim FAs will be just like the edge fsa a glorified buttton pusher. Not a coincidence Merrill is building its new army by converting edge fsa to gwim. FSAs ar already house trained and take orders and don’t ask questions like a good soldier.

      > Reply to BullInanIkeaShop
  • on Nov 8 2017, Stan O'Neal says:

    Think about this, the average new account growth has to triple in order for advisors not to experience a pay cut. What are the odds? The bar-b-que of the ML Advisor has begun but I guess thats better than just cutting the grid so management can hit performance targets.

    > Reply to Stan O'Neal
  • on Nov 8 2017, Joe Mama says:

    I’m sure the shareholders won’t complain as they invest in the stock.
    What kind of companies do you buy?
    Companies that are innovative and grow their business or companies that play it safe and reward stagnation.
    The only place quieter than the library is your office, heed the call..

    > Reply to Joe Mama
    • on Nov 9 2017, Stan O'Neal says:

      Oh Joe Mama, i buy companies that are growing their franchise, not destroying them. Of course, if you consider BofA to be an “innovative” company, then you are the last person whose call i would heed.

      > Reply to Stan O'Neal
      • on Jan 10 2018, Ook says:

        Well said-the comp changes are BoFA invention

        > Reply to Ook
  • on Nov 8 2017, Van Derhoosey says:

    ML will quickly move to salary and “discretionary” (subjective) quarterly bonus. Just as soon as ML leaves protocol, which will happen in 2018 if it doesn’t in 2017. Toaster anyone?

    > Reply to Van Derhoosey
    • on Nov 8 2017, BullInanIkeaShop says:

      You are correct they will move to how they pay the Edge advisors lol. BFA comp plan comes out tomorrow interested to see what it says …

      > Reply to BullInanIkeaShop
  • on Nov 8 2017, Deeann Griebel says:

    this seems awful complicated. How many pages long is the compensation rule book?

    > Reply to Deeann Griebel
  • on Nov 8 2017, Billie Joel says:

    So happy I no longer work at this place….almost can’t believe I once did…to the point I laugh about it now. You are a sheep if you are still putting up with this. Only thing this will do is make people come up with creative ways to get around it. Management is such a joke…go work for your clients not them

    > Reply to Billie Joel
  • on Nov 8 2017, Josh says:

    I just do not understand why anyone stays at Merrill. No reason then just plain laziness. Which is why management will get away with this

    > Reply to Josh
  • on Nov 8 2017, Try’n To stay w the Bull says:

    what we forget when we read these post is that it’s still good at this firm. Yes, it’s changed, a lot. I have “interviewed” about every option on the street and all have qualities and flaws and Plan B is in place for my team. For all of the stories about non productive FAs there are a lot of us that bring in double digit new accounts and $25 myn plus in new assets yearly. It is sad that mgmt is dumbing down our experience as FAs in my firm and we will lose quality advisors soon in high numbers, but that’s business as they say. My hope is that mgmt gets enlightened soon that the seat is not more important than the person. That could be a hard lesson for all.

    > Reply to Try’n To stay w the Bull
    • on Jan 12 2018, Amico di una tigre (@spacemanspiff76) says:

      Just think, on the $25 million you bring in every year, you could actually make real money on it. Oh, and not have some knucklehead branch manager who spent his career opening $500 checking accounts telling you how to run your business. Or, telling you you’re going to get a 1% pay reduction because you didn’t open up a mortgage loan this year.

      Not trying to be a jerk here, but man, do the math. You’re getting fleeced at the big firm. If I brought in $25 million this year, using my own average “payout” after expenses are considered, I’d get a raise of $150,000. You get $100,000 (if you’re lucky) and all the headaches from management.

      > Reply to Amico di una tigre (@spacemanspiff76)
  • on Nov 8 2017, Michelle says:

    Can you only imagine the changes (pay cuts) that will be announced in 2018 and 2019, then 2020? This firm sadly believes that the only way to grow the bottom line is to constantly demand a bigger slice of the pie each and every year. Attention Merrill brokers: Leave now and start your own RIA. It’s only going to get worse. It’s no different than owning a bad stock that is in a steady decline. Cut your loss and move on. Call Schwab, they will walk you thru the entire RIA process. It’s much easier than you think.

    > Reply to Michelle
  • on Nov 9 2017, Once a bull says:

    Unionize

    > Reply to Once a bull
  • on Nov 9 2017, Charles says:

    Thank god retirement is near. ALOHO!!!

    > Reply to Charles
  • on Nov 9 2017, [email protected] says:

    The Merrill Bull, since BAC took over, has been castrated and “Transformed” into a cow for BAC to Milk! Thanks to John Theil and co for screwing it up and leaving!

    > Reply to [email protected]
  • on Nov 9 2017, Ben Around says:

    This things sounds as simple as an annuity contract. Don’t bother reading all those details, it is good for you, says your ever more compensated boss. (sarcasm!). Face it, the trend is to cut advisor comp. The bigger the firm, the more the cuts. It has been happening my entire 20 year career. Just take control of your life and move on. Good luck to you MER brokers, the beatings will continue until morale improves.

    > Reply to Ben Around
  • on Nov 9 2017, Deeann Griebel says:

    so, if I understand this correctly, the pay cut is roughly 5% less take home pay for doing the same amount of work–right? (i.e if payout drops to 38% from 40% that is a 200 basis points decline and 200 basis points is 5% of 40%….).

    > Reply to Deeann Griebel
  • on Nov 9 2017, Ron Edde says:

    There is always the independent channel, where most FAs will (and probably should) eventually end up. However, the timing of such a move can be critical, plus the landscape is littered with both good and not-so-good independent broker/dealers and RIAs. One thing is certain, procrastination is going to cost you and perhaps in a very big way. Even if it isn’t me, make sure you are working with a very good, knowledgeable recruiter…and I don’t mean an internal company one that represents just one firm. Get someone who can educate you about MULTIPLE firms/options.

    > Reply to Ron Edde
  • on Nov 9 2017, Diogenese says:

    Fascinating discussion. Pretty much the same passionate debate we have every year at this time. Excuse my bluntness however, having an equity partner whose fixed expenses rise to meet or exceed rate of inflation should not have to create an incentive for the non-equity partner to barely keep pace.
    Ron is right. If you are ready to be an equity invested business owner explore independence. If you take comfort in the employee model stop the negativity and do the right thing by growing the business…

    > Reply to Diogenese
  • on Nov 9 2017, Bitter says:

    Let me get this straight, significantly restricted international business, restricted retirement business, mandated referrals to the bank (despite lack luster bank partners), restricted client segmentation (don’t get paid on < $250k HHs), mandated growth (3 new HHs) and it is justified by the fact that we get told that FA comp is up, well duh, we have $700B in Fee Based assets and markets are at all time highs. That doesn’t give you the right to cut the grid, and last time I checked Moynihan’s, Terry’s, Dean’s and Sieg’s comp was at an all time high. And speaking of Sieg, anyone find it interesting that when MLWM reduced their international footprint that Mexico was left alone…Andy’s wife does multiple millions of business in Mexico. Mother Merrill died years ago, and now BAC is pissing on its grave.

    > Reply to Bitter
  • on Nov 9 2017, Matthew Senicola says:

    If any of you are in the Long Island NY area I would love to meet with you. I run an independent broker dealer and have everything Merill can offer but with double the payout and no ridiculous penalties.

    > Reply to Matthew Senicola
  • on Nov 13 2017, andy kaiser says:

    I run an RIA in Middletown NJ..Ownership-Transparency-No Politics, Fiduciary standards! If you are interested in talking please contact us..There is a better way, and your clients are heading to the RIA space anyway..May as well lead the way.

    > Reply to andy kaiser

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