Merrill Lynch has retailored aspects of its 2013 compensation plan as the firm looks to boost its revenue business and hold onto accounts of retiring advisors.
An official at the firm confirmed that Merrill Lynch had removed the cap on incentives for strategic inflows to fee-based, banking, lending and annuitized business and net new assets would not count toward bonuses unless they went into one of those areas. The goal was to help deepen client relationships at the bank, according to the firm.
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