Wealth management employees receive memo from 28 colleagues that calls the firm’s carrot-and-stick push for account growth “right on target” and “truly Merrill Lynch.”
Annual fees will jump for households with as much as $1.99 million, creating some uncomfortable conversations, brokers say.
Attacking the grid, the Bank of America brokerage unit adds 2% to payout for hitting new-money and new-account targets—and deducts 2% for brokers failing to grow.
2018 comp plan to recalculate broker payout with a “rolling grid” that adjusts monthly based on trailing 12-month production.
Chief Executive Tom Naratil has told advisors there will be no surprises in the pay plan the company will release in coming weeks, in contrast to last year’s whirlwind of changes.