The battle between Morgan Stanley Smith Barney and Merrill Lynch is heating up as both firms sweeten their recruitment packages, recruiters say.

MSSB has reportedly increased its total recruiting package to 330% of an adviser’s annual production and is now offering a new retirement plan where advisers are allowed to leave in three years or less. Meanwhile, Bank of America’s Merrill Lynch unit has pushed up it package to 150% from 120%. Recruiters add that Merrill Lynch will allow brokers in the top 20% to “take home 300% of their fees and commissions.”

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