Merrill Lynch financial advisers' assets increase by $28B

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Merrill Lynch financial advisers' assets increase by $28B

By Staff Report

October 16, 2009 11:45 am ET

While the number of financial advisers in Merrill Lynch & Co. Inc.'s global wealth management business held steady during the third quarter, their combined assets under management increased by some $28 billion during that period, according to today's quarterly earnings report released by Merrill's parent, Bank of America Corp.

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As of Sept. 30, the Merrill brokerage business boasted 14,979 financial advisers — down slightly from the 15,008 reported at the end of June.

The advisers' assets under management, however, rose 11% during the same period, going to $268 billion, from $239 billion at the end of the second quarter.

Financial advisers' productivity in the Merrill Lynch group stayed firm during the third quarter, with the average rep generating $812,000 in annualized revenue. At the end of the second quarter, productivity was $813,000 per adviser.

Overall, the Merrill Lynch Global Wealth Management business produced income of $310 million on total revenue of $3 billion during the third-quarter. — M.B.