Don Geisler, recruiting head at Merrill Lynch, has used a conference call in New York to give external recruiters details of his firm’s plans to bring more brokers on board, according to Investment News.

The plan involves targeting young and relatively inexperienced advisors all the way up to top veteran brokers, according to the publication.

 For those generating $800,000 or more in fees and commissions per year, Merrill is offering one of the most competitive packages on Wall Street, according to a recruiter who asked not to be named.

The deal starts with an upfront b onus of 140 per cent of the broker's previous year's fees and commissions. In the first year, the broker must bring 65 per cent of his assets to Merrill from the prior firm to qualify. By the fifth year, the broker needs to increase those assets to a level of 1.5 times he or she had with the prior firm to get the bonus, the recruiter is quoted as saying.

Merrill is also targeting those in the top 20 to 60 per cent in fee generation and those with potential, brokers with perhaps two years experience generating $200,000 or more.

Merrill owner Bank of America recently hired former Citigroup executive Sallie Krawcheck to to run its wealth and investment management division, which includes Merrill and US Trust. These hiring moves are being seen as early signs of a bullish new approach at a firm that suffered badly in the crisis last year.