Merrily Lynch hired around 300 advisors in 2022, marking the strongest year in hiring since 2011.
Merrill's parent, Bank of America, experienced an increase in advisor headcount by 430 or 2.3 percent in the last quarter of 2022. Merrill boasts that their hiring efforts will continue in 2023. Merrill expects its 2023 graduating training class to have 1,000 enrollees, according to AdvisorHub. Andy Sieg, president of Merrill, believes that the organic growth strategy is driving the overall growth in the wealth management industry.
On the other hand, Sieg also emphasized that Merrill will continue to add veteran advisors to its ranks with offers that include upfront money to recruits.
Merrill reported that revenues rose 4 percent to $18.1 billion in 2022. Sieg shared that Merrill's growth in lending to clients has reached $150 billion, an increase of about 44 percent compared to five years ago.
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