No longer will any old Joe Shmo be allowed in the club.

Merrill Lynch is dangling a new incentive in front of its brokers by creating a “recognition club” for those who bring in $8 million or more a year from clients, more than doubling the top goals set by its securities industry rivals. Until now, Merrill Lynch Wealth Management’s top recognition club was its “Circle of Champions” for financial advisers who produced $4 million of commissions and fees, or received 2.5 million of “production credits” for sales of products and services that qualified them for the firm’s top sales payout. In a sign that the Bank of America Corp (BAC.N) subsidiary expects new account programs and technologies to unleash new sales power, Merrill’s new club doubles the criteria for entry as well as the cash awarded to its most elite advisers.

The new “Pinnacle Club” will pay its members $10,000 in cash and additional benefits if they produce $8 million of revenue or build up 5 million of production credits. Club membership also gives members bragging rights as elite brokers, the ability to advertise their status on their websites, and priority when accounts of departing brokers are redistributed or when customers are referred to the broker-dealer from other parts of Bank of America, according to a description of the recognition clubs in Merrill’s 2014 compensation booklet.

Merrill sets new $8 million bragging target for its top brokers [Reuters]

14 comments (hidden to protect delicate sensibilities)
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Comments (14)

  1. Posted by HotKarl | April 21, 2014 at 5:14 PM

    How about Darwin Awards for the clients of said Circle of Champions for being dumb enough to pay that much in commissions for retail stock trading?

  2. Posted by sam zell's voice | April 21, 2014 at 5:53 PM

    nothing to add here, my thoughts exactly.

  3. Posted by Guest | April 21, 2014 at 11:39 PM

    What's the cut to the broker that produces $8 mil in revenue? I would think a number big enuf to make the $10,000 bonus seem lame. Or is it the "additional benefits", which are prob something like golf at some expensive but boring place. Or is it just the ego boost. Like Cub Scout badges.

  4. Posted by JimmyCarter | April 22, 2014 at 12:47 AM

    their assholes will be getting tighter

  5. Posted by Warren | April 22, 2014 at 9:46 AM

    Today you can see a shazar man with a white woman, et cetera. A great evil has happened on this land because the devil knows that if all the people have his blood, there will be nobody worthy to have the priesthood.

  6. Posted by FatGuySkinnyTie | April 22, 2014 at 9:51 AM

    MY SENSITIVITIES ARE THE FUCKMOST OPPOSITE OF DELICATE, WHY DID YOU NEED TO ADD AN EXTRA CLICK TO MY LIFE

  7. Posted by Pitchforks & Torches | April 22, 2014 at 10:06 AM

    Seriously the fuck is this

  8. Posted by Guest | April 22, 2014 at 10:12 AM

    Its for our protection. Would you want to be unprotected? We need to be protected.

    Db is made out of people

    I've said enough.

  9. Posted by Lord Humongous | April 22, 2014 at 10:27 AM

    Soylent Green?

  10. Posted by B Iteme | April 22, 2014 at 11:18 AM

    Seriously team – if you produce $8MM you get a "Merrill Lynch – We Are Bullish On America" fleece sweatshirt. Now work those phones.

  11. Posted by Peal | April 22, 2014 at 12:26 PM

    that's what you get from New Jersey. And a Democrat haven….Is there any wonder?

  12. Posted by Illegitimate | April 22, 2014 at 12:42 PM

    53% if Latinos are born to single woman! Shazar has not even said a word about that yet!

  13. Posted by Broker | April 22, 2014 at 8:17 PM

    45% cash payout +deferred comp. 10k must be a typo

  14. Posted by 4th Tier | April 22, 2014 at 8:36 PM

    Very conservatively, $4MM, probably ~5. Technically, it'd be something like "47% of revenue if rev is over $5MM plus a bunch of bonus % plus please-don't-take-your-book-to-UBS bonus" which can actually add up closer to 60%.

    UBS, by the way, would pay them about $11MM just to sign on the dotted, and walk through the door (subject to accrued clawbacks over 7 years, but also eligible for growth bonuses).

    TL;DR: this 10k bonus is approximately 1/500th of their income, minimum. And UBS still sucks.