|
 The mild aerobics were part of a three-day event orchestrated by
Chris Johnson, a wellness guru who has gained influence under John
Thiel's leadership of Bank of America's Merrill Lynch wealth
management business.
At Thiel's instruction, Johnson has for the last year been traveling
the country teaching Merrill Lynch advisers how to lead healthier
lives. He urges brokers - and, in some cases, their family members
and clients - to include liver oil, wheatgrass, flax, chia and a
type of algae called spirulina in their diets, and to take relaxing
baths with Epsom salt to unwind.
"They're starting to go down the medication path. They have acid
reflux. They don't sleep. They feel crummy. They're drinking too
much. They gain too much weight," Johnson said of the Merrill
employees who most need his advice. With that lifestyle, he said,
"they're not going to be a good adviser. If I'm coming to my
adviser, I want them to be healthy."
Thiel did not respond to requests for comment. David Walker, a
spokesman for Bank of America's wealth management business, said
that it was important for Merrill to focus on the health and
wellness of its employees.
"We care that our advisers are taking care of themselves so they
have the energy and capacity to best serve their clients and be
present for their families," he said. "Any company that is not
focused on wellness is behind. All of the most admired, most
progressive companies with the most highly engaged employees are
focused in this area."
He declined to comment on Johnson's description of health problems
suffered by some members of Merrill's workforce.
NAP TIME
Known as the "thundering herd" because of their bull logo and their
large numbers, Merrill's army of 14,000 brokers are not the only
money-management employees being urged to take better care of
themselves. Firms across Wall Street have been encouraging employees
to eat right, sleep well and exercise. While Merrill is Johnson's
biggest client, he has also done events with advisers at Morgan
Stanley, Wells Fargo & Co and Raymond James Financial Inc.
Still, some Merrill employees have told Reuters in recent weeks that
Thiel is so enthusiastic about healthy living that it has caused
some hard-charging, long-time advisers to bristle.
These employees have been annoyed to receive advice about health and
wellness from Thiel when they would prefer to discuss business
concerns with him, several sources said.
One Bank of America executive said brokers have complained about
tofu burgers served at a retreat for top producers. Another cited a
message recently sent to some advisers encouraging them to take an
afternoon nap to increase productivity.
Thiel has brought in another expert, Tony Schwartz, CEO and founder
of The Energy Project, who has been advising Merrill employees to
take a short afternoon nap to restore their energy.
Schwartz, who started working with Merrill after meeting Thiel at a
conference 14 months ago, gives that advice as part of a broader
curriculum aimed at pushing Merrill advisers to get the most out of
their days. He said he has not convinced Merrill to implement a nap
program, but that productivity increases dramatically for those who
take his advice on resting, deep breathing and eating right, among
other things.
"What makes Merrill Lynch special is that John is an unusually open
and interested senior leader to champion this kind of work," said
Schwartz. "When there is a leader like that, the power of the work
is much higher."
[to top of second column] |
BONGO DRUMS
Complaints by Merrill employees who are irritated by Thiel's
wellness campaign come at a time when a number of high-profile
brokers have left, causing some concern among top Bank of America
Corp executives. Reuters found no evidence of a direct link between
the focus on health and wellness and the departures.
The health advice has gone over well with some advisers who are
happy their boss is encouraging them to take better care of
themselves.
One high-producing broker who spoke on the condition of anonymity
said "telling employees to stay fit mentally and physically – that's
responsible leadership" and called Thiel the best manager he has
ever had in over three decades with the firm.
In a testimonial on Johnson's website, Scott Schropp, a vice
president in Merrill's wealth management business, wrote that his
clients like being included in wellness events. "They come in with
preconceived notions of what this program may be like and leave the
program with excitement, determination and a fresh take on 'healthy
living'," he wrote.
Thiel, a former American football player at college, met Johnson at
an event in Arizona some time ago. Soon after, he went to Johnson's
home in rural Michigan for a one-on-one training session. At such
events, Johnson teaches corporate executives how to sleep better,
shop for "super foods" and cook things like healthy chili. (Johnson
declined to comment on Thiel's culinary talent.)
People who know Thiel say he has wholeheartedly embraced the New Age
lifestyle that Johnson, Schwartz and another guru called davidji
advocate. Davidji (pronounced david-gee and spelled with a lowercase
"d") describes himself as a former banker on his web site, and
specializes in wellness of the mind. Davidji said he was not
immediately available for an interview.
People familiar with his Merrill training sessions say they feature
bongo drum playing and meditation. A video on his web site - http://www.davidji.com/
- shows davidji sitting on the beach with his pet dog, named
peaches, whom he says he meditates with every day.
"The next time you sit down to meditate, if your pet - your cat,
your dog, your lizard, your parrot - feels like meditating with you,
create a space," he says. "Close your eyes. Drift into stillness and
silence, and you'll notice that your pet gravitates toward you."
Johnson said Thiel's embrace of health and wellness helps balance
out his more rugged work on Wall Street.
"He's got a big job and wanted to have energy and stamina," Johnson
said "The corporate world beats you up."
(Reporting by Peter Rudegeair and Lauren Tara LaCapra; Editing by
Paritosh Bansal and Martin Howell)
[© 2014 Thomson Reuters. All rights
reserved.] Copyright 2014 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed. |
