thundering herd elephants

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.
Click here for more BI Prime stories.

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

      

(Visited 1 times, 1 visits today)

Leave a Reply

Your email address will not be published. Required fields are marked *