In a bid to attract a greater percentage of high-net-worth investors as well as attract and retain brokers who sell to that market, Merrill Lynch is revamping its broker compensation plan.

The plan, which is being implemented by James Gorman, the firm’s new U.S brokerage chief, is an answer to shrinking quarterly profits, which fell 52%, according to a Reuters report. The compensation plan will take effect in January, according to Reuters.

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