Merrill Lynch is dangling a new incentive in front of its brokers by creating a 'recognition club' for those who bring in $8m or more a year from clients, more than doubling the top goals set by its securities industry rivals.
Reuters reports that until now, Merrill Lynch Wealth Management's top recognition club was its 'Circle of Champions' for financial advisers who produced $4m of commissions and fees, or received 2.5m of 'production credits' for sales of products and services that qualified them for the firm's top sales payout.
In a sign that the Bank of America subsidiary expects new account programs and technologies to unleash new sales power, Merrill's new club doubles the criteria for entry as well as the cash awarded to its most elite advisers.
The new 'Pinnacle Club' will pay its members $10,000 in cash and additional benefits if they produce $8m of revenue or build up 5m of production credits.
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