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Merrill Lynch is tweaking financial advisor pay and adding new bonuses as part of changes to its compensation plan for 2024, according to two people familiar with the matter.
Merrill and other national brokerage firms, also known as wirehouses, make annual changes to compensation plans under which advisors can earn higher payouts by generating more revenue for the company. Payouts are determined in part by a grid and typically range from about 30% to 50% of revenue. The more revenue an advisor generates, the larger the payout…
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