You Leaving Me?—Mother Merrill Asks Some Top Producers If They’re Fixin’ to Depart: "If you are one of Merrill Lynch’s best financial consultants and you have been flirting with other brokerages or financial-planning firms, watch out: You could get hit with a Merrill loyalty statement.
Merrill Lynch acknowledged that it has asked some of its best producers -- ones it suspects are actively pursuing new jobs -- to answer a series of questions about whether they are in talks—or have had talks—with other companies about leaving. Further, the questionnaire asks if the FCs have already given a commitment to join a rival financial-services firm. The firm says it has produced the two-page document entitled, Present Employee Interview Questionnaire, in rare cases and only when the firm had proof of an advisor’s contact with rivals"
This is interesting. If you say yes, you get canned. If you mislead them and say no, you get sued. It is probably not much of a lawsuit, but the first Merrill rep to get sued for lying on this "Loyalty Statement" is going to have an interesting case.
