Recent Morgan Stanley Recruiting Video Directly Criticizes Merrill Lynch

Posted on March 11th, 2022 at 2:27 PM
Recent Morgan Stanley Recruiting Video Directly Criticizes Merrill Lynch

From the Desk of Jim Eccleston at Eccleston Law:

A recently-produced Morgan Stanley recruiting video that managers can use to convince potential recruits to join the firm directly criticizes its rival, Merrill Lynch.


The video, which is nearly five minutes in length, includes testimonials from four former Merrill Lynch advisors who joined Morgan Stanley. The testimonials primarily discuss shortcomings in Merrill Lynch’s culture and product offerings, while touting features of Morgan Stanley. The testimonials do not mention Merrill Lynch or Bank of America by name; however, the video shows Merrill’s name on a computer screen and illustrates an unusually strong message in an industry that typically is reluctant to criticize its competition, according to Melissa Daly, a former public relations staffer at Goldman Sachs.


In one testimonial, a 25-year Merrill Lynch advisor, Louis Meltzer, discussed his transition to Morgan Stanley in 2020. Meltzer touted the higher degree of support he’s noticed since the wealth management division constitutes nearly half of the corporate earnings for Morgan Stanley in comparison to 13% at his “prior firm”. A Morgan Stanley spokeswoman has commented that the video was intended to address common questions that typically arise during the hiring process. Some current Merrill branch managers have viewed the video and were angry about a purported “below the belt” attack, according to Bill Willis, a Los Angeles recruiter who has helped advisors join Merrill Lynch.


Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

 

Tags: eccleston, eccleston law, morgan stanley

Return to Archive

TESTIMONIALS

Previous
Next

I want to thank you for your excellent professional representation. It was greatly appreciated.

Michael M.

LATEST NEWS AND ARTICLES

May 1, 2025
FINRA Fines Sanctuary Wealth $150,000 for AML Program Deficiencies

FINRA has fined and censured independent broker-dealer Sanctuary Wealth Management $150,000 for failing to establish an adequate anti-money laundering (AML) program to detect and report suspicious transactions.

April 30, 2025
Cambridge Investment Research Advisors to Pay $15 Million Fine Over Undisclosed Conflicts in Investment Recommendations

Cambridge Investment Research Advisors (CIRA) has agreed to pay $15 million to settle allegations brought by the Securities and Exchange Commission (SEC), which accused the firm of failing to disclose multiple conflicts of interest in its investment recommendations.

April 29, 2025
Merrill Lynch Fires Veteran Advisor for Ignoring Mandated Commission Discounts

Merrill Lynch has terminated Daniel G. Diaz, a 37-year industry veteran, for refusing to apply commission discounts to certain client accounts as instructed by management, according to his Central Registration Depository (CRD) record.