Merrill Lynch once more boasted Friday of a steep enhance in its tally for shopper relationships whilst its advisor headcount elevated barely.
Executives on the Financial institution of America wealth administration subsidiary mentioned on an earnings name Friday that their agency added almost 40,000 new shopper relationships in 2023. The 47% year-over-year quantity surpassed a file final set on the agency in 2019. The agency additionally reported its headcount for Merrill advisors was up by about 175 and its rely for coveted ultrahigh internet price shoppers was up 45% for the yr.
Eric Schimpf, the co-head of Merrill Wealth Administration, mentioned that enhance comes because the agency continues to deliver “considerably north” of two,000 business newcomers via
“Lindsay and I and the crew proceed to take a look at the very best funding advisors in all the communities that we serve,” Schimpf mentioned. “And we consider we provide a robust compelling supply for them to deliver their enterprise to keep up with our present advisors and proceed to transition and retire.”
Hans famous that the agency final yr made adjustments to an unpopular pay grid coverage. The brand new substitute system affords rewards to advisors who appeal to three shopper households with greater than $500,000 every and who enhance their present shoppers’ property and liabilities by 7.5%.
“After we designed that plan, and rolled that out, it was very a lot in response to suggestions from our advisors,” Hans mentioned within the earnings name. “And quite a lot of these adjustments replicate that and … some issues had been simplified and structured in a technique to reward advisors who’re strategically and sustainably rising their enterprise.”
For highlights from Merrill Lynch’s fourth quarter and annual earnings report, scroll down. To learn in regards to the agency’s third quarter outcomes,