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Bank of America and Merrill Lynch released retention bonus plans for their financial advisors on Friday and both send a consistent message to financial advisors: If you’re a top producer, we want you to stay. (Click here for the Merrill...
Charles Schwab reported a slight drop in its third quarter earnings today, but excluding the sale of U.S. Trust in the year-ago quarter, results are mostly flat versus last year—which is an achievement considering the market environment.
On a nationwide conference call this morning with branch managers and regional directors, Robert McCann, president of Merrill’s global private client group, told them that they will not be getting anything in the way of retention. He also...