Merrill Lynch currently has almost 11,000 experienced advisors among its ranks, according to a recent article in AdvisorHub citing an internal source. Headcount has decreased nearly 10 percent from three years ago when internal rankings indicated there were 12,290 advisors.
A Merrill spokesperson said the company's attrition aligns with the historical average of around 4 percent. The spokesperson further claimed that Merrill is the platform of choice for advisors looking to serve their clients holistically and grow.
Executives at Merrill Lynch have tied headcount declines to the freeze in veteran advisor hiring and its pause in its training program during the pandemic.
Despite the decline in headcount, Merrill Lynch has tripled its hiring of experienced advisors from the first to the second quarter of 2022. Merrill has successfully added 95 experienced advisors in the three months ending in June.
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