Retention Package Paranoia

Published Wednesday, October 22, 2008

  If you are an advisor at Merrill Lynch and Wachovia, you’re wondering what your retention bonus is going to be. Will it be 100 percent of trailing 12-months production or something less? It all depends on your length of service and production, of course. Yet, there is concern among some reps that firms won’t be in a position to offer a market-rate retention package—for fear of bad press. “They [executives] are sh*#&ing their pants about the headline risk,” says one 20-year veteran Merrill FA. He points to the recent flap over AIG’s taking life insurance reps ...

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