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

Andy Sieg Merrill Lynch
Merrill Lynch Wealth Management President Andy Sieg.
  • 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.
  • Insider is tracking the latest Merrill news and updates here. 

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.

Insider is tracking the latest Merrill news here.  

Updates for financial advisors 

Merrill's next generation of advisors

Merrill Lynch
Merrill Lynch
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