BofA Elevates Merrill Lynch, U.S. Trust Execs

Client balances for the full unit were $2.8 trillion as of Sept. 30, a 6% jump from a year ago. Average loan balances grew 5% year over year to $162 billion, thanks to residential mortgages and custom lending.

The number of Merrill Lynch advisors was 14,838, up 18 from the prior quarter but down 116 from the prior year, which the firm says is "a result of a continued focus on bringing the highest quality candidates into our training program — more so than on volume."

Average annual fees and commissions for veteran advisors are $1.35 million, while for all advisors this figure is $1.04 million.

Earlier this week, Janney Montgomery Scott said it recruited a team of two Merrill advisors and two associates in Fredericksburg, Virginia, with about $200 million in client assets. It includes advisors Ronald Holmes and Whitney Riley, both of whom were with Merrill for the past 10 years.

More Developments

On Oct. 1, Merrill reversed course on its move to end commissions in retirement accounts, two years after this shift was made. It also shared plans to provide more straightforward information to brokerage clients about fees and commissions, including a summary of programs and services and the associated costs.

"In response to client feedback, we're announcing steps today that will provide our clients with greater choice and flexibility, while maintaining our support for a best-interest standard for investment advice across all accounts," according to Sieg.