Reuters - Merrill Lynch to raise pay for top-performers

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Bank of America Merrill Lynch said on Wednesday that it will increase the pay of brokers each month who grow their business in 2018 and will cut the monthly pay of those who do not, in a bid to the Wall Street brokerage’s own growth.

Reuters reports that the new compensation plan, which was sent to Merrill’s 15,000 brokers Wednesday afternoon, also eliminates a penalty that sharply cut base pay for advisers whose productivity fell below the lowest tier, a move that will likely keep young, inexperienced advisers who are struggling.

The change comes as top U.S. wealth management firms struggle to maintain growth amid increasing regulatory costs and competition from robo advisers and independent firms.

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Merrill Lynch to raise pay for top-performing brokers in 2018

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