Bank of America's Merrill Lynch unit is offering signing packages greater than those handed out in the bull market of 2006 and 2007, as it ramps up its recruitment programme to replace many financial advisers who have left its “thundering herd” in the past year.
Industry recruiters and people within the company say Merrill Lynch Global Wealth Management is offering signing bonuses of 140 per cent of the previous 12 months' “production” to lure top advisers, and another 200 per cent over the next five years if the advisers hit aggressive earnings targets.
“That's more than they've ever offered,” said one recruiter. “It's huge.”
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