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Merrill to small advisers: Work harder for same pay

Bank of America Merrill Lynch telling its second-tier brokers this week that they need to sell more products and services to earn the same pay in 2016.

For the first time since 2009, Merrill Lynch is formally changing the levels of advisers' payout “grid”, or compensation scale that calculates advisers' net payout for sales of investment products and services. While it hasn't changed its grid in several years, Merrill has tweaked compensation to advisers over that time, including eliminating pay on smaller accounts.

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