How much does upheaval at a brokerage firm matter to its individual customers?

That s a big question right now for customers of Merrill Lynch. The financial crisis has been tough on Merrill, one of the financial world s best-known names. Subprime losses forced Merrill into the arms of Bank of America (BAC). Earlier this month, Bob McCann, who headed Merrill s Global Wealth Management arm, jumped ship. Now following word of severe fourth-quarter losses at Merrill, its former CEO, John Thain, has resigned from Bank of America.

That s no small share of turmoil at the company that s helping take care of your money. At the same time, though, individual clients are more affected by changes at the bottom, not the top in other words, what s happening with the individual broker who serves you. Merrill, which is reportedly offering massive retention bonuses to keep its brokers, says the combination with Bank of America will produce world-class products and services, and clients needn t worry: "Bank of America and Merrill Lynch share a strong emphasis on making clients our first priority, says Merrill spokeswoman Selena Morris. In SmartMoney s 2008 annual broker survey, Merrill Lynch earned four of five stars for customer satisfaction, putting it near the top of the pack.

Here are three key trouble signs for Merrill clients to watch for:

1. YOUR BROKER GETS HARDER TO REACH

Good brokers are good earners, so firms tend to give them the resources and support personnel to make them happy and keep them from jumping ship, says Matthew Tuttle president of Tuttle Wealth Management in Stamford, Conn. On the other hand, if your broker gets harder to reach -- especially during market crises -- it might mean he or she is juggling too many tasks and clients because of cutbacks, or sharing support resources that are spread too thin. That doesn't necessarily mean the broker isn't a good earner, but it could very well mean he's unhappy -- and thinking of leaving.

2. THE FIRM S ADVICE GETS WORSE

In-house research is extremely expensive. So are those thick asset allocation books advisers prepare, detailing the scores of stocks, bonds and funds into which your nest egg will be poured. Cost-cutting sends analysts packing -- the same folks your broker depends on for investing ideas and market intelligence. The best broker in the world still feeds on timely information. If you see a deterioration in the volume or quality of intelligence, be wary.

3. YOUR BROKER STARTS BEING NICER TO YOU

That might sound like a good thing but industry veterans say that if your broker suddenly starts treating you like a god or goddess, it may be a sign he or she is planning to switch firms. A broker who knows he's leaving treats his clients like gold so they ll follow along to his new home.

In the event your broker does leave, you ve got a choice. If you value the personal relationship, you may want to follow the broker. But there can be advantages in sticking with your current firm: Brokerages are typically eager to keep existing clients, which puts you in a good negotiating position. Assess your access to no-load funds, higher interest rates on cash balances, free trades, lower commissions and fees -- and ask for more. If you re assigned a new broker, check their record out at FINRA.org.