Merrill Lynch Advisors Rumored to Leave the Firm in Large Numbers

Posted on August 25th, 2014 at 5:11 PM

From the Desk of Jim Eccleston at Eccleston Law Offices:

Merrill Lynch still is struggling with the issue of retaining advisors. In 2007, Merrill Lynch had a total of 16,740 financial advisors. However, today it has a total of 13,276. That equates to a loss of nearly 30% since 2007.

Merrill Lynch advisors prefer to transition to two specific platforms: wire-house rivals and the growing RIA/hybrid models.  UBS, HighTower, Steward Partners, Wells Fargo and Raymond James have benefited the most from the Merrill issues.

The expiration of retention bonuses has undoubtedly freed many Merrill Lynch advisors. That said the new firms will present forgivable loans and employment agreements that should be reviewed by competent legal counsel, so that the advisors aren’t “jumping from the frying pan into the fire.”

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags:

Return to Archive

TESTIMONIALS

Previous
Next

Jim, Stephany and the whole team were a God send.  We felt like we were put into a situation where we had no advocate. Jim’s team came in with a strong, well laid out strategy on how to get our story heard. Where our outside compliance company had no ability to help, our Broker Dealer was impenitent, and the regulators were aggressive pursuing vague rules, Jim came like a barricade against an assault we did not understand. Though you pay member dues to be affiliated with FINRA and a B/D, you have no voice. The only thing that is truly heard in this un-level playing field is a bulldog’s bark like Jim’s. I would encourage anyone to call Jim and his team to find a real ally in the tough and complicated world of securities regulation. They are truly the best.

Greg P.

LATEST NEWS AND ARTICLES

October 20, 2021
5 First-of-Their-Kind SEC Enforcement Actions Announced

Securities and Exchange Commission (SEC) Enforcement Director Gurbir Grewal recently discussed notable first-of-their-kind enforcement actions that his division has pursued.

October 19, 2021
FINRA Targets SPACs in Most Recent Exam Sweep

The Financial Industry Regulatory Authority (FINRA) has begun an examination sweep of advisors’ involvement with special purpose acquisition companies (SPACs).

October 18, 2021
SEC’s Statement on Complex Exchange-Traded Products

The Securities and Exchange Commission (SEC) recently voted to approve a pair of rule changes proposed by Cboe BZX Exchange, Inc. to list and trade shares of new exchange traded-products: the 2x Long VIX Futures ETC and the -1x Short VIX Futures ETF.