Bank of America Merrill Lynch’s wealth management group has seen explosive client growth in the last year and a half.
Such growth had been tough to come by in recent years as the industry reckoned with a generational shift to passive investing.
Surprisingly, Merrill veterans with more than 30 years of experience were responsible for a significant share of the growth, matching the output of younger advisers who are far less established.
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The wealth management division at Bank of America Merrill Lynch had an explosive year in 2018, and 2019 is off to a torrid pace as well, adding thousands of new millionaire clients. And it’s getting help from a surprising group among their “thundering herd” of nearly 18,000 financial advisers.
At a financial conference Wednesday, Merrill Lynch Wealth Management president Andy Sieg said his division’s net new households grew by more than four-fold in 2018, a pace that has further accelerated in 2019.
While the company is spending billions upgrading technology and crafting customer friendly features, Sieg attributed much of the growth to a change within the thundering herd itself.
Surprisingly, veteran Merrill advisers were responsible for a significant share of the …read more
Source:: Businessinsider – Finance