Bank of America-Merrill Lynch is working on new pay incentives to further motivate its advisers to zoom in on wealthier clients, according to a Dow Jones blog released Monday.
Plans for a new enhanced grid were described in an internal company document obtained by Dow Jones. "The proposal is under review, and we decline to comment further," a Merrill spokesperson said in a statement.
The new incentives aim to support both advisors and teams who, for instance, have 80% of their business with clients that have $250,000 or more in investable assets. Merrill now has some 15,700 advisors and is led by Sallie Krawcheck.
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Janet Levaux
Janet Levaux, MA/MBA, is Editor in Chief of ThinkAdvisor & Investment Advisor. She's covered the financial markets since 1991 and advisors since 2005. Janet studied at Yale, Johns Hopkins SAIS and St. Mary's College of California. She's also lived and worked in Asia, Europe and Latin America, raised two sons, and won a Neal Award for top news coverage in 2020.
