Bank of America's Merrill Lynch reports a 1% increase in number of financial advisers

Bank of America's Merrill Lynch reports a 1% increase in number of financial advisers
Bank's wealth management unit reports higher earnings on lower revenue.
JAN 31, 2017
Merrill Lynch reported a 1% net increase in the number of financial advisers at the firm at the end of 2016, according to this morning's fourth-quarter earnings announcement from Merrill's parent, Bank of America Corp. With the additional 129 advisers, the wirehouse now has a total of 14,629 advisers under the Merrill Lynch brand. Net income at the Global Wealth and Investment Management unit, which includes Merrill Lynch, was $634 million in the fourth quarter, an increase of 1.8% compared with the same quarter a year earlier. Revenue in the unit was $4.4 billion for the quarter, down 2.3% compared with the final quarter of 2015. Bank of America is expecting a boost in income this year from rising interest rates. "While the recent rise in interest rates came too late to impact fourth-quarter results, we expect to see a significant increase in net interest income in the first quarter of 2017," chief financial officer Paul M. Donofrio said in a release. It was the 12th consecutive quarter of experienced adviser growth as a result of successful graduates from the firm's training program, competitive recruiting and historically low competitive adviser attrition levels, the company said in a statement. Productivity reached $1.25 million per experienced adviser, while total adviser productivity was $960,000, according to the firm. (More: Morgan Stanley teams up with data-aggregation company Addepar to get insight into clients' holdings)

Latest News

The 2025 InvestmentNews Awards Excellence Awardees revealed
The 2025 InvestmentNews Awards Excellence Awardees revealed

From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.

Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty
Top RIA Cresset warns of 'inevitable' recession amid tariff uncertainty

Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.

Edward Jones joins the crowd to sell more alternative investments
Edward Jones joins the crowd to sell more alternative investments

“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.

Record RIA M&A activity marks strong start to 2025
Record RIA M&A activity marks strong start to 2025

Sellers shift focus: It's not about succession anymore.

IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients
IB+ Data Hub offers strategic edge for U.S. wealth advisors and RIAs advising business clients

Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.