Merrill Lets 2,400 Trainees Join Advisor Teams Sooner as Wealth Revenue Hits $5.7 Billion
Updated
Updated · Wealth Management · Jul 14
Merrill Lets 2,400 Trainees Join Advisor Teams Sooner as Wealth Revenue Hits $5.7 Billion
2 articles · Updated · Wealth Management · Jul 14
Summary
Merrill will let advisor trainees join existing teams earlier, part of four program changes that also add earlier product access, more business-development support and a new client associate entry role.
John Towey said the overhaul followed feedback from trainees, advisors and market leaders, and reflects a shift toward team-based practices that can speed trainee contributions and support succession planning.
About 2,400 workers are enrolled in the program, with roughly three-quarters on track to finish—well above the industry's historical 30% success rate—and graduates are expected to manage about $64 million in client assets on average.
The changes come as Merrill's wealth business expands: second-quarter revenue rose 16% to a record $5.7 billion, client balances reached $4.1 trillion, and the firm added about 5,400 net new relationships with more than $500,000 each.
Management said hiring and recruiting pipelines are the strongest seen in years, while about $20 billion in brokerage assets has shifted into Merrill's advisory program in 2026.