Merrill Lynch has ushered in changes for its storied 'thundering herd' of financial advisors

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Merrill Lynch has ushered in changes for its storied 'thundering herd' of financial advisors
Merrill Lynch Wealth Management President Andy Sieg. Brian Ach/AP Images for Bank of America Merrill Lynch
  • Merrill Lynch Wealth Management made a string of changes for advisors and trainees in 2021.
  • The firm rolled out "Project Thunder" this fall and overhauled its training program this spring.
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Merrill Lynch Wealth Management made changes for its force of financial advisors this year as it navigates some advisor exits, a fierce competitive environment, and a newly reorganized training program.

The updates have been wide-ranging and are aimed at addressing concerns advisors have expressed to leaders.

Merrill, among the world's largest wealth managers with some $3.1 trillion in client balances, started revamping its training program that dates back to the 1940s. Since Merrill has stopped hiring experienced advisors from competitors in recent years, its program has become a crucial source of bringing up new talent.

The changes this spring came after months of uncertainty for participants in its training program, where cold-calling potential clients was paused after the business found instances of violating do-not-call lists.

In the fall, Merrill started rolling out to advisors weekly updates as part of a campaign meant to address feedback from advisors and stem exits in its ranks. Merrill's competitors, like UBS, Morgan Stanley, and wealth management firms in the independent wealth industry, are poaching large Merrill teams.

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Updates for financial advisors

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Merrill Lynch has ushered in changes for its storied 'thundering herd' of financial advisors
Keith Bedford/Reuters
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