Merrill Boosts Trainee Pay by $10K
October 9, 2019 by Janet Levaux
To bring on next-generation advisors, Bank of America Merrill Lynch has raised the yearly starting pay of trainees by $10,000 a year. It’s also boosting its hiring of trainees by bringing on 1,700 so far this year — up 100 from the same period in 2018.
“Merrill sees a team environment with experienced advisors as part of setting them up for success,” according to a statement.
The moves come as the number of traditional advisors at Merrill is shrinking: It stood at 14,690 as of June 30, down 130 from a year ago and 71 from the prior quarter. (Merrill will update this figure on Oct. 16, when it reports its third-quarter earnings.)