Merrill Lynch extended by six months a deadline for advisory teams to qualify to continue receiving a boost in each of their FA members’ pay based on the production of the team’s top performer.

The wirehouse says it is giving advisors more time to "help" them “focus on the needs of their clients during these unprecedented times.”

The new deadline for teams that qualified for the boost in 2019 to requalify and therefore continue to get a boost in their pay is January 2021. Prior to the extension, the teams had to requalify by July for their members to get the pay boost.

“This modification allows advisors to remain diligent and focused on current client concerns. This extension will allow teams to achieve the program’s objectives by providing more flexibility in reaching this benchmark for expanding client relationships,” Merrill Lynch said.

To qualify for the team-based compensation sweetener, 30% of each FA team members’ clients must avail themselves of at least three out of four of the following services from Merrill Lynch or its parent company Bank of America: lending, trust, banking or investment advisory.

Teams that did not qualify for the team boost in 2019 are still eligible in 2020 if they meet the criteria by or before December 2020 and then they will receive the sweetener retroactively, according to the wirehouse.

Do you have a news tip you’d like to share with FA-IQ? Email us at editorial@financialadvisoriq.com.