Merrill Lynch, the wealth management division of Bank of America, has launched the 2014 compensation plan that aims to provide rewards for advisors.
The brokerage firm has introduced a new award for advisers who work in teams and manage to double their revenue in fees and commissions by 2018, reported Reuters. However, the firm has not altered its core payout structure for 2014.
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Currently, about 55% of the firm’s brokers operate in teams.
As part of the new plan, brokers will be paid a bonus of 10% upon doubling the revenue generated from clients. In addition, the plan will help brokers aged more than 55 in planning their retirement. To qualify for the award the broker teams should continue with the firm till the end of 2018.
Merrill Lynch Wealth Management head John Thiel told the Wall Street Journal that clients are really much more concerned about their outcomes.
"Can they retire? Can they educate their kids, and can they do the things they need to do with their money?," Thiel added.
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