Both Morgan Stanley and Merrill Lynch have set records in 2021 for asset growth and revenue growth, according to Financial Planning. 

Morgan Stanley Wealth Management's net new assets increased 11 percent to a record $437.8 billion. The net new assets also included record fee-based flows of $179.3 billion.

CEO James Gorman predicts that the company will reach $10 trillion across its wealth and asset management arms from its current level of $6.5 trillion. 

Bank of America's (BOA) wealth management business reported $7 billion in net income in the fourth quarter, representing a 28 percent increase from the $5.5 billion last year. The year also saw more wealth management clients purchasing Bank of America's services. Officials stated almost 55 percent of Merrill Lynch clients took advantage of BOA's in-house deposit or lending options. 

Despite record revenues, the number of advisors through Merrill Lynch decreased to 18,846 at the end of 2021, under the BOA model. Officials stated that the decrease resulted from an 18-month break in the hiring of trainees. Bank of America executives expect low single-digit growth in advisor population annually over the next five years, driven by advisor trainees' hiring and increased success rate.

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