Another Sign We Are in a Bull Market: Merrill Lynch Boosts Recruiting Deal for Top Brokers

WSJ reports:

Bank of America’s Merrill Lynch Wealth Management unit...is now offering bigger upfront cash payments, as well as an extra client-asset incentive, to a larger pool of top-tier brokers, according to people familiar with the situation.

The new package, announced to some recruiters and managers last week, comes as the Merrill Lynch brokerage has lost some advisory talent to rivals, including UBS, in recent weeks. It is also a response to stiffer recruiting competition with a rising equity market this year, these people said...Merrill Lynch, part of Bank of America’s Global Wealth and Investment Management business, is now offering top-tier advisers at UBS, Morgan Stanley and Wells Fargo, 150% of the fees and commissions they generate from clients in an upfront cash payment, up 7% from its previous recruiting package.

A Bank of America spokeswoman said “ours has largely be.