Merrill Lynch celebrated a significant surge in client relationships, adding nearly 40,000 new relationships in 2023, marking a remarkable 47 percent year-over-year increase and surpassing the previous record set in 2019, according to FinancialPlanning.com. The firm also reported a modest rise in advisor headcount, adding approximately 175 advisors. Notably, ultrahigh net worth clients increased by 45 percent during the year.

Merrill's co-heads, Eric Schimpf and Lindsay Hans, shared insights into the growth strategy, highlighting the influx of over 2,000 industry newcomers through the internal training program and a renewed focus on recruiting experienced advisory teams from other firms. According to FinancialPlanning.com, Hans mentioned positive changes to the pay grid policy, emphasizing rewards for advisors attracting three client households with assets exceeding $500,000 each and growing existing clients' assets and liabilities by 7.5 percent.

Merrill gained 175 advisors, and the broader Global Wealth & Investment Management segment experienced a net loss of about 350 advisors, bringing the total headcount down by 2 percent yearly. Schimpf attributed this decline partly to customers' increasing preference for digital services over traditional advisory channels.

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