Merrill Taps Veteran Exec for Affluent Operations

When asked about recent changes to advisors' business cards, Bitterly declined to comment directly. "We have a great deal of pride around the Merrill Lynch legacy and our affiliation with Bank of America," he said.

Bitterly now reports to Riley Etheridge, head of Client Segments and Advisor Development, and replaces Ted Durkin, who now serves as the complex director for Merrill Lynch's Delaware Main Line operations.

"The Merrill Lynch Client Experience [program] is focused on a goals-based strategy," he explained. "It begins and ends with clients and aims to codify what they want and expect from their financial advisors. Also, it arms advisors with a business model supported by cutting-edge technology and organization in teams."

His own effectiveness, of course, is closely tied to what goes on in the field. "My success is dependent on that and I'll foster that by working with field leadership and with advisors."

As of March 31, financial advisor productivity, or yearly fees and commissions, at Merrill Lynch was $1.3 million per experienced advisor (advisors who have gone through a roughly 3.5-year practice development training program or were hired as experienced advisors).

Total advisor productivity, including those who haven't finished the training program but excluding those in Consumer Business & Banking and with U.S. Trust, stood at roughly $1.06 million in the first quarter, up from $1.04 in the fourth quarter of 2013 and $971,000 in the first quarter of 2013. "As of March, 45% of our advisors had 50% or more of their client assets under a fee-based relationship," the bank said in a statement.