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Merrill’s Sieg Rules Out Independent Model for Advisors  

A top Merrill Lynch executive has poured cold water on the idea of the bank allowing financial advisors to work with the Wall Street giant through the increasingly widespread independent model. So reports Financial Planning.

merrillAndy Sieg, the president of Merrill Lynch Wealth Management, rejected out of hand the idea of Merrill affiliating with advisors who are contractors, not employees, and who retain their own books of business. Although Wells Fargo and other competitors have gone the independent route, “It has never made sense for us,” Seig said while speaking on a podcast with recruiter Diamond Consulting.

Read the full article from Financial Planning.

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