Merrill Lynch plans to hire more young advisers

Firm says it will look for talent among teachers, entrepreneurs and former athletes.
APR 10, 2017

The "thundering herd" is looking to add more thunder, according to Andrew Sieg, head of Merrill Lynch Wealth Management. Speaking to the Securities Industry and Financial Markets Association's Private Client Conference in Arizona last week, Mr. Sieg said he intends to increase the firm's adviser headcount over the next 10 years, although he didn't say by how much. The firm employs approximately 15,000 advisers. Merrill hires around 1,500 trainees annually for its three-year program, according to a Reuters article, which cites an earlier report saying the program's attrition rate is at a record low. (More: What to expect from wirehouse recruiting in '17) Merrill is finding it challenging to attract millennials, said Cheri Lytle, its head of adviser and strategy development, because they have "a lot of leverage and are not going to sign up for lofty sales goals" if they don't want to. Merrill will be looking for recruits from "all walks of life," Mr. Sieg said, including former teachers, entrepreneurs and athletes. He said the many platforms available within the firm — including its traditional advisory business, its Merrill Edge business with brokers at Bank of America branches, and its private banking operations — should make for more successful recruiting. (More: Merrill Lynch shakes up wealth management organization, leadership roles)

Latest News

Advisor moves: LPL recruitment momentum continues with $815M Northwestern Mutual team
Advisor moves: LPL recruitment momentum continues with $815M Northwestern Mutual team

Meanwhile, Raymond James and Tritonpoint Partners separately welcomed father-son teams, including a breakaway from UBS in Missouri.

SEC chief Atkins signals caution on prediction market ETFs amid broader rethink of novel fund structures
SEC chief Atkins signals caution on prediction market ETFs amid broader rethink of novel fund structures

Paul Atkins has asked staff to solicit public comment on novel ETFs, pausing the clock on as many as 24 filings linked to the booming event contracts market.

Private capital's $1 trillion bet on the American retirement account
Private capital's $1 trillion bet on the American retirement account

From 401(k)s to retail funds, Deloitte sees private equity and credit crossing into mainstream investing on two fronts at once.

Advisor moves: Wells Fargo Advisors pulls in $9.6b in fresh talent during first half of May
Advisor moves: Wells Fargo Advisors pulls in $9.6b in fresh talent during first half of May

Big-name defections from Morgan Stanley, UBS, and Merrill Lynch headline a busy two weeks of recruiting for the wirehouse.

Why uncertainty is making behavioral coaching more valuable than ever
Why uncertainty is making behavioral coaching more valuable than ever

Markets have always been unpredictable. What has changed is the amount of information investors are trying to process and the growing role advisors play in helping clients avoid emotional decisions

SPONSORED Are hedge funds the missing ingredient?

Wellington explores how multi strategy hedge funds may enhance diversification

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management