Replacing herd attrition with trainees and junior advisors with 3 to 8 years experience will have several key impacts (some known and unknown at this point) on the top producing bulls.
- Shows that you’re the kind of advisor, the top producers with the most experience, who Merrill is phasing out. They’re no longer bringing in others that look like you or have a clue like you anymore. It now may be time to consider joining a firm that reveres, covets and competes for an advisor like you.
- You think you feel old now, just wait. Pretty soon you’ll be the oldest advisor in the branch. There is a new culture priority at BofA and it is centered around youth and inexperience.
- As top advisors leave Merrill and are replaced by juniors, the Thundering Herd becomes a lot less beefy. As top producers attrition out without replacement, seasoned Merrill advisors will have less and less top practicing advisors to sunset their practice to.
- Years from now when you want to retire, you’ll have fewer peers to choose from and a whole lot of juniors. Are you going to feel comfortable, and more importantly will your clients feel comfortable, with a junior advisor cutting their teeth on your book?
- Will Merrill be reinvesting any of the recruiting bonus savings into support for their current advisors who choose to stay? Can these savings impact your business or growth in some positive and helpful way? Or will it be used simply to help in meeting earnings estimates.
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