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

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

November 7, 2025
FINRA Suspends Former Wells Fargo Broker Over Unapproved Real Estate Venture

The Financial Industry Regulatory Authority (FINRA) suspended former Wells Fargo broker George J. Cairnes for four months and fined him $25,000 for engaging in unapproved real estate outside business activity, according to a settlement letter issued.

November 6, 2025
Former Ameriprise Broker Ordered to Pay $2.2 Million for Elder Exploitation

A Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered Eric A. Dupre to pay nearly $2.2 million in damages to his former firm and two customers following allegations of theft and elder exploitation.

November 5, 2025
Former Wells Fargo Representative Suspended for Unauthorized Texting and Obstruction

The Financial Industry Regulatory Authority (FINRA) has suspended former Wells Fargo representative Eyan M. Townsend for one year and fined him $10,000 for using personal text messages to conduct business and attempting to obstruct an internal investigation by deleting those communications.