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

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.