Industry Update on Merrill’s Project Thunder: Too Little Too Late?

With Louis Diamond

While this topic is specific to Merrill, it’s certainly not meant to be an indictment against the firm. It’s an example of the growing pains experienced at any of the larger bank-owned firms as they struggle to balance growth and revenue—while managing thousands of advisors and creating layers of guidance designed to serve many.

For example, in an attempt to stave off increasing advisor attrition by addressing some of the frustrations expressed by their advisors, Merrill Lynch rolled out a campaign called Project Thunder.

Since its launch over the summer, there remains some unanswered questions:

• Does the campaign resolve what’s really bugging advisors most?
• Will these measures work to halt the tide of attrition?
• Or to put it another way, is it too little too late?

This episode explores the answers to those questions and more, plus delves into what we’re hearing from advisors:?

1.????Many want to take a “wait and see” approach. Is there any risk to staying put??

2.????Advisors are growing at record rates—especially this year.?Why mess with success??

3.????Is Project Thunder the beginning of greater acknowledgement by Bank of America that there are changes that need to be made to stave off further attrition?

4.????And, ultimately, what can advisors expect in the coming months?

To be sure, Merrill is a world-class firm with a strong platform, technology stack and brand respected more than most in the industry. And it wouldn’t take much to get advisors to stay put.

And this is true of any large firm: Advisors don’t need all of their needs to be addressed. What advisors do want is to feel connected. They want to feel as though they are being heard. And they want to retain some agency over their business lives.

Listen to learn more about how these changes impact employee advisors at all ranks at Merrill and other large firms.

Related Resources

Merrill’s Project Thunder - Do the Rumblings from Advisors Indicate an Approaching Storm? Read->

Merrill Advisors Ask... - Answers to the most frequently asked questions when considering a transition from Merrill Lynch. Read->

Why Are So Many Merrill Advisors Moving - Bracing for the Next Chapter. Read->

Merrill and the Protocol - How Long Will the Marriage Last? Read->

When Faced with a “Retention Deal,” Merrill Advisors Will Have 3 Options - The conversation around a highly anticipated “retention deal” from Merrill Lynch has advisors wondering, “If I get the offer, what should I do?” Read->

Will the rumored Merrill retention package materialize - And will it be the “free lunch” advisors are hoping for? Read->

An Update on Merrill’s Enhanced CTP - What it Means for Advisors, Their Next Gen and Clients. Listen->

A Losing Battle at Merrill - Why a Former Leader Left the Herd for Independence–the Value of Culture and the “Intoxicating” Effects of Freedom. Listen->

Betting on the Long-Term - Former Merrill Resident Director Shares Why Her $1B Team Broke Away. Listen->

A Diehard Merrill Advisor’s Journey to Independence - With Michael Henley of Brandywine Oak Private Wealth. Listen->

How This Former Merrill Insider Once Drank the Kool-Aid, Then Set Out to Build a Better Toolbox - A Conversation with Jim Dickson, Founder and President of Sanctuary Wealth Partners. Listen->

You can also listen to the full episode on our?website, as well as on?Apple Podcasts,?Google Podcasts,?Stitcher?or?Spotify