Merrill Lynch Acquires Advisors from Rivals with Combined $1.8 Billion in Assets
Bank of America's Merrill Lynch has added several high-net-worth financial advisors and their client assets, totaling approximately $1.8 billion, from competitors including Morgan Stanley, Truist, and Wells Fargo. The largest acquisition is the Aliaskari Group, which brings about $1.2 billion in client assets back to Merrill after previously leaving for Morgan Stanley. Other notable additions include Dylan Price with $300 million in assets from Truist and Ronnie Murad with $285 million in assets from Wells Fargo. Despite these gains, Bank of America has experienced a net loss of 552 advisors through August 13 according to Wolfe Research data. This trend highlights the ongoing competition among wealth management firms as wirehouses face increasing pressure from independent RIAs and private equity-backed alternatives seeking top talent in the sector.
Topics: Advisors Bank of America Merrill Lynch Wealth Management