Merrill Lynch intends to add hundreds of advisors and build out its branch network in New York and its outer boroughs, according to news reports.
“The thundering herd will be growing in and around New York City,” Andy Sieg, the head of Merrill Lynch Wealth Management, tells the New York Post.
Although there are no details on where the wirehouse plans to open branches, Sieg tells the paper the recent addition of extra space on six floors at 75 Rockefeller Plaza is a hint of what’s to come. And while Merrill Lynch plans to continue investing in digital tools and apps, Sieg says the number of advisors is expected to expand “by leaps and bounds,” the Post writes. That’s due to robust client acquisitions, which Sieg tells the paper is "running at 10 times the pace of five-to-10 years ago.”
“In no way are we diminishing the role of technology to service clients in a high-quality way,” Sieg tells the Post. “But there have been so many column inches written about technology in our business I thought it was time for a little reset to ensure we have the best, most diverse and most highly trained advisers to serve our clients.”
Merrill Lynch and parent company Bank of America have been increasingly working hand-in-hand. Bank of America plans to assign 300 of its “financial solutions advisors” — who work with the firm’s self-directed online investment offering, Merrill Edge —directly into Merrill Lynch branches across the U.S.
Previously, the FSAs only worked out of call centers and Bank of America branches.