Do you expect to see much movement among advisors over the next 12 months?

Mindy Diamond (Diamond Consultants): Trailing-12 production falls when the market falls, so brokers are moving now while T-12 is still higher than it will be for some time. If you're going to move it makes sense to do it now as a wealth replacement strategy (and) we're not sure how long packages will remain at these levels.

Bill Willis (Willis Consulting): The massive realignment of Wall Street sets the stage for a lot of movement among advisors. But other unknown factors will prove influential. How much will acquirers like Bank of America and Wells Fargo pay for advisors to stay? I think deals will remain aggressive and prove attractive relative to "stay put" packages. But if the next 12 months brings a tough bear market, movement will slow on all fronts.

Mickey Wasserman (Michael Wasserman & Associates): The discomfort of change will dramatically increase the movement of advisors to firms that have demonstrated the most stability, such as JPMorgan and Wells Fargo.

Steve Rosen (Rainmaker Associates): Yes. All brokers with deferred compensation have lost it and the only way to get it back is to take a check.

What kinds of deals are the wirehouses offering?

Mickey Wasserman: Wirehouses are still very aggressive with many deals reaching well over 250% of gross production for top producers (front end and back end).

Rick Peterson (Rick Peterson & Associates): Deals haven't changed in the past year and are still in the neighborhood of 200% to 250%. I've seen [up to] 275% offered by some firms, occasionally, for exceptional brokers. The most upfront cash is usually [offered by] UBS.

Steve Rosen: Wirehouses are around 200%. The highest is usually UBS and Smith Barney with 260%.

What about the regional brokerages?

Mindy Diamond: Regionals are usually around 100% of trailing-12 production but offer higher payouts. Independents offer 10% to 25% of T-12. It's not meant to monetize the business but to help with startup costs.

Rick Peterson: The more aggressive regional firms, like Stifel Nicolaus, Janney Montgomery Scott and Raymond James, are being strong on deals and offering up to 200%. Others, like Stanford [Financial Group] and Morgan Keegan, are doing a maximum of 100% and that's not usually all upfront. Oppenheimer does a maximum of 90%.

Mickey Wasserman: The regionals tend to offer deals that range from 50% to 75% of what the wirehouses are doing. The regionals attract brokers that seek more freedom, less bureaucracy and, usually, a higher payout grid.

Will the culture at Merrill Lynch change after the Bank of America acquisition?

Danny Sarch (Leitner Sarch Consultants): Yes. BofA is a powerful force in its own right and it's naive to expect Merrill's culture to remain unchanged. Has that ever happened in the corporate world?

Bill Willis: The culture will change after the acquisition. All indications are that Merrill will run wealth management but BofA will oversee trust, mortgage, and maybe investment banking. As the Merrill advisors interact with these departments and are influenced by additional "new firm" factors, the culture ultimately will be reshaped.

Mindy Diamond: It's anyone's guess but we do know that banks are notorious for being big and bureaucratic, and cost cutting. And if you ask brokers from firms like AG Edwards, Legg Mason and Piper Jaffrey who were gobbled up by major firms, they will tell you that, despite promises to the contrary, the culture changed considerably.

Rick Peterson: Merrill has been a marvelous firm for many years. If BofA leaves it alone and lets it do its own thing it has a chance to get bigger and stronger with a new sense of stability.

Steve Rosen: Of course. BofA has a specific banking model: It's the BofA way or the highway. They're clearly two very different organizations.

What is your advice to advisors looking to make a move?

Bill Willis: Find the firm that best aligns with your vision. Only move if you are confident that the vast majority of your top relationships will move with you. And follow the guidance of your new manager and his legal staff.

Danny Sarch: They must follow the recruiting protocol (and not move clients to their new firm before they leave their old firm). That said, they should also make sure to have their first few days and weeks at the new firm as carefully planned as they can. They need to plan which of their clients they will contact and see first. They have to be tactical because their entire old office is going to be calling their clients as well.