Merrill Lynch extends recruiting deal

* Merrill Lynch hires advisers from smaller firms-source

* Traditionally firm only hired from big brokerages

NEW YORK, Sept 28 (BestGrowthStock) – Bank of America Corp’s
(BAC.N: ) Merrill Lynch has opened its pocketbook to attract
financial advisers from smaller firms, according to a person
familiar with the firm’s recruiting.

Traditionally, the large brokerage firms — Merrill Lynch,
Morgan Stanley (MS.N: ) (Read more about the money market today. ) Smith Barney, Wells Fargo (WFC.N: )
Advisors and UBS (UBSN.VX: ) (UBS.N: ) — looked to poach advisers
from one another.

Now, Merrill is offering its sweetest recruitment deals to
advisers at smaller firms, including Janney Montgomery Scott,
Edward Jones and RBC Wealth Management, a unit of Royal Bank of
Canada (RY.TO: ), the source said.

“It’s been a terrible recruiting year and they really need
to do something to boost their numbers,” said the source.

Merrill Lynch spokeswoman Selena Morris declined to
comment.

Merrill offers the most productive brokers a recruiting
bonus of 150 percent of their previous year’s fees and
commissions. Advisers can then earn an additional 150 percent
over time, if they meet certain targets.

Dow Jones first reported Merrill’s recruiting deal earlier
today.

(Reporting by Helen Kearney; Editing by Bernard Orr)

Merrill Lynch extends recruiting deal