Bank of America continues strengthening its integration with Merrill Lynch, its retail brokerage arm, as more clients adopt the parent bank's lending and deposit services. AdvisorHub reports that roughly 62 percent of Merrill clients now have a relationship with Bank of America.

During the first quarter of 2025, Merrill and the Private Bank opened 27,000 new bank accounts, a slight dip from the 29,000 opened in the same period last year. AdvisorHub added that Merrill continues to incentivize referrals through its 2025 compensation plan, offering enhanced payouts for checking account referrals outside Bank of America's geographic footprint. The firm has also increased the number of wealth management bankers who bridge client relationships between advisor teams and the bank.

Cross-selling banking products remains a priority for large brokerage firms, according to AdvisorHub. Executives see this model as a way to offer more comprehensive service while generating revenue not to be shared with advisors through traditional fee or commission structures.

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