Morgan Stanley Hires Merrill ‘Growth’ Champ in California
Morgan Stanley has hired a 33-year-old advisor in La Jolla, CA, who Merrill Lynch has lauded as one of its most successful assets gatherers.
“I don’t have any secrets,” said Meyers, who moved to Morgan Stanley late last month after almost nine years at Merrill. “I just roll up my sleeves and work hard. Anyone can do it.”
His success qualified him for the Excellence in Growth Award that Merrill Wealth gives to the top 400 of its approximately 14,000 advisors, based on new household and asset growth.
He said he is among just 98 brokers who received the award in each of the three years since it was introduced in 2017 by Merrill Wealth President Andy Sieg, having accumulated more than 100 new household accounts over the period. (The award, which until this pandemic year was an ‘educational symposium’ at a resort, is an adjunct to Merrill’s “growth grid” that adds or deducts payout points for hitting asset and net new household targets.)
As Meyers’ practice has grown, he says has reduced his cold calls to around 200 daily from more than 400. (He says his record was 816.)
“You call 500 people, maybe 50 answer, 30 hang up, and ten give you an email,” said Meyers, who is a solo practitioner.
Cold-calling has fallen out of favor at many firms as an inefficient and even risky technique in an era of goals-based advice. Merrill last year ousted three veteran advisors for alleged cold-calling misconduct, and this year suspended cold calling in its training program.
Meyers notes that he is careful to vet his rented contact lists of ‘do-not-call’ numbers and of existing firm clients so as not to run into problems with colleagues.
He declined to comment on why he left Merrill or details of the recruiting deal he accepted. A spokesperson for Merrill Lynch did not immediately return a request for comment on his departure.
Morgan Stanley, which unlike Merrill has returned after a multi-year pause to active recruiting, has employed Meyers previously. He worked at Morgan Stanley branches in southern California at the start of his career before joining Merrill in February 2012, according to his unmarked BrokerCheck history.
Morgan Stanley has been offering top-end producers that recruiters say can extend to 300% of their trailing-12 month revenue, including upfront awards and back-end bonuses based on asset transfer, according to recruiters.