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Merrill Lynch once more boasted Friday of a steep improve 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 document final set on the agency in 2019. The agency additionally reported its headcount for Merrill advisors was up by about 175 and its depend for coveted ultrahigh web price purchasers was up 45% for the yr.
Eric Schimpf, the co-head of Merrill Wealth Administration, mentioned that improve comes because the agency continues to convey “considerably north” of two,000 business newcomers by way of
“Lindsay and I and the group proceed to have a look at the very best funding advisors in all the communities that we serve,” Schimpf mentioned. “And we imagine we provide a robust compelling supply for them to convey 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 presents rewards to advisors who entice three shopper households with greater than $500,000 every and who improve their present purchasers’ belongings and liabilities by 7.5%.
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“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 numerous these adjustments mirror that and … some issues have been simplified and structured in a method 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 concerning the agency’s third quarter outcomes,
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