How Merrill Lynch plans to 'grow' thousands of advisers

The need - and the case - for developing and introducing new talent into the financial advice business has been well-documented: The total number of practicing FAs has been steadily decreasing for years, at a time when more individual investors are in need of advice. Practicing FAs, of course, are also getting older each year, creating a greater need for internal successors in many cases.
OCT 15, 2012
By  Mark Bruno
The need - and the case - for developing and introducing new talent into the financial advice business has been well-documented: The total number of practicing FAs has been steadily decreasing for years, at a time when more individual investors are in need of advice. Practicing FAs, of course, are also getting older each year, creating a greater need for internal successors in many cases. Yet, the Next Generation of Financial Advisers, as important as they are to the financial advice business, is not something that can be created overnight. No one perhaps knows this scenario better than Dwight Mathis. As the head of business development & head of new advisor strategy at Merrill Lynch, Mr. Mathis is now focused on organically growing the brokerage behemoth's base of new FAs. Mr. Mathis stopped by the InvestmentNews offices in New York for a talk with INTV and discussed the philosophy behind Merrill's new strategy, and also outlined his aggressive goals - Merrill plans to add 2,500 new trainees to its program this year. Mr. Mathis also sheds light on the types of individuals Merrill is selectively bringing into the mix: The firm is receiving an average of 36,000 applications to the training program each month. Watch the interview with Mr. Mathis, the first in an INTV series looking at developing new advisers that we will be rolling out leading up to our NextGen Virtual Career Fair in November.

Latest News

Raymond James, Osaic laud new bank partnerships
Raymond James, Osaic laud new bank partnerships

A Texas-based bank selects Raymond James for a $605 million program, while an OSJ with Osaic lures a storied institution in Ohio from LPL.

Bessent backpedals after blowback on 'privatizing Social Security' comments
Bessent backpedals after blowback on 'privatizing Social Security' comments

The Treasury Secretary's suggestion that Trump Savings Accounts could be used as a "backdoor" drew sharp criticisms from AARP and Democratic lawmakers.

Alternative investment winners and losers in wake of OBBBA
Alternative investment winners and losers in wake of OBBBA

Changes in legislation or additional laws historically have created opportunities for the alternative investment marketplace to expand.

Financial advisors often see clients seeking to retire early; Here's what they tell them
Financial advisors often see clients seeking to retire early; Here's what they tell them

Wealth managers highlight strategies for clients trying to retire before 65 without running out of money.

Robinhood beats Q2 profit estimates as business goes beyond YOLO trading
Robinhood beats Q2 profit estimates as business goes beyond YOLO trading

Shares of the online brokerage jumped as it reported a surge in trading, counting crypto transactions, though analysts remained largely unmoved.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.