Has anyone heard the numbers on the FAs who left Advest after the Merrill buyout was announced?
This article said that 44% of the Advest reps left rather than go to Merrill.
perfect..... what a great acquisition......
They bought assets, not heads.
yeah, with close to half of the FA's leaving, and they will on average take about 70-80 percent of their book. Its not like ML has the structure in place to have FA's immediately start calling to try and retain the business...
I don't know their business model, per se. If you do the math, and the 44% take 70% of their assets. at the end of the day, it still leaves ML with 70% of pre-buy out assets.
When you do do the math, from a % standpoint it may be a good deal. Unfortunately, the larger Advest producers, with their desirable books of larger accounts and recurring revenues, have left in higher numbers.... All in all, in the long run it will probably make good sense...
Advest has a solid reputation in markets especially in the Northeast and along the east coast..
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