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.
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