Merrill Lynch's Succession Planning Program, launched in 2021, has expanded to allow high-producing advisors over 40 years old to sell off a portion of their revenue to their teammates. Beginning in April 2023, advisors with $2.5 million in annual revenue will be eligible to join the program.

Under the program, advisors do not commit to retiring, a prerequisite for Merrill's Client Transition Program. The program incorporates the next generation of advisors. It competes with independent advisory firms where advisors can monetize their practice by selling equity stakes to private equity buyers, according to AdvisorHub.  

Through the program, the firm essentially provides inheriting advisors with an interest-free loan. The duration during which advisors pay down the loan depends on how quickly the inheriting advisors manage and grow the business they receive. 

Additionally, once the loan is paid off, the inheriting advisors have no additional non-solicitation agreements tied to any of the transferred clients. If an advisor leaves the firm, the transferred clients are governed by Protocol for Broker Recruiting, which allows advisors to solicit customers when transitioning among member firms. 

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.