6 ways recruiting will change
Merrill retention packages come to a head
“The way the retention packages were structured when Bank of America bought Merrill [Lynch], the last tranche [of incentive loans that were offered to brokers] forgives next year,” said Mindy Diamond, president and chief executive of Chester, N.J.-based Diamond Consultants Inc., meaning they no longer need to be repaid. “[Brokers] are hopeful there will be a second retention package. That is highly unlikely … given that it certainly raises questions for advisers who become free agents.” BofA declined to comment.
- 8 Heartbleed responses from financial firms
- Cybersecurity gets the SEC's attention as agency plans to query advisers on safeguards
- Brokerage industry sounds off about Finra broker compensation proposal
- Four top executives of private-placement syndicator DBSI head to jail for fraud
- SEC eyes new stock trade disclosure requirements