Merrill Lynch's new presidents, Eric Schimpf and Lindsay Hans, have presented their new growth strategy for the firm aimed at their first 100 days on the job. Schimpf and Hans stated their growth strategy focuses on hiring and training. The firm hired 190 advisors in the second quarter. Their strategy also aims to help Merrill's existing teams of advisors get "bigger" and deal with the complexities of their increased size.
Schimpf, who, along with Hans, was promoted in March to serve as a Merrill co-head following the departure of Andy Sieg, who will join Citigroup this fall. The talks with team members, "helped us even further inform our thoughts around strategy going forward," Schimpf said.
"We think big teams are going to get bigger," said Hans, adding that they want to help them grow in a "sustainable way." That ambition means developing tools and training programs that include teaching team-management skills to experienced brokers.
Merrill's approach "added a record 26,000 new client relationships during the first half of the year, up 106% over the first half of last year," Schimpf said. More than 11,000 net new households were added this quarter, marking a second-quarter record and a nearly 150% increase year-over-year.
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