Updated Wednesday, October 1, 2014 as of 4:19 AM ET

Merrill's Thiel Says Advisors Must Change the Conversation With Clients

CHICAGO - Financial advisors need to change the dialogue they are having with clients in order to overcome the dramatic decline in publicís trust in banks since the financial crisis, Merrill Lynch Wealth Management Head John Thiel said Thursday.

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Comments (1)
"We're talking about, in some cases, literally changing the way we're wired, to actually stop and listen and don't tell," Thiel said. "But other industries have done it, and we can do it too."

To change the way the thundering herd thinks (those are your 16,000 some odd financial advisors--simply brokers masquerading as advisors--right?), you Mr. Thiel and other wirehouse so-called leaders will need to change those compensation grids. Are you really willing to do that? Didn't Arthur Levitt try to get a previous Merrill Lyncher--Tully--to make changes in the financial so-called service industry way back in the early 2000's? Why didn't you do it then? What makes you think that we'll fall for this crap now. Actions speak louder than words. Are you really truly willing to change that thundering herd into sincerely trustworthy people? I think not! In fact, I think that it would be a very good gamble that you will not make that change to your business' compensation model. Tell me how you are paid and I will tell you how you will behave. Behavior rewarded is behavior repeated. A leopard does *not* change its spots. You fellas need to completely clean out your wirehouses, i.e., fire every one of the thundering herd and stop the out-of-sight, out-of-mind fee collection. Start charging so-called clients/customers--your pawns, slaves, muppets or whatever you are calling us now--by the hour, cut an itemized invoice and let your pawns, slaves, muppets pay with a check, cash or credit card.
Posted by TERESA V | Tuesday, September 16 2014 at 1:07PM ET
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