MERRILL EXIT WOUNDS: More Advisors Flee, Choose Stifel In Texas

This is more than a theme or a drumbeat at this point. It’s a certified route. Merrill Lynch advisors have cashed their last retention bonus checks, huddled with transition legal experts, and then sprinted away from the BofA owned entity.

Another high-achieving duo exited recently: “Bart A. Reese, who spent all of his 27-year career at Merrill, and his partner Zachary R. Williams, who spent the last 15 years of his career at the firm, are opening a new Stifel office in Sugar Land, Texas. The two, who moved along with three associates, had generated $3.4 million combined in fees and commissions in the past year, according to a source familiar with their practice.”

Did you happen to see the “key point” in the above description? Let me replay it for you… “who spent all of his 27-year career at Merrill…”.

And the quote relayed by Stifel’s national head of recruiting is even better (be careful, cause it’s high heat!):

“We have crossed $10 billion in net new assets under management so far in 2019, mainly from financial advisors in bank-owned entity channels.”

Bank-owned entity channels. Therein is the foundation of the problem facing Merrill as its advisor ranks dwindle. And a larger percentage of the highest end producers are the ones that are leaving en masse.

 Culture folks. It’s about culture. recently

Share this article

Author picture

Curious about switching broker dealers? Secure your 2 best offers all while remaining 100% anonymous.

Ready to start? Click here.

Leave a Reply

Secure Multiple Offers All While Remaining 100% Anonymous


© 2022 3xEquity, LLC. All rights reserved

Transition packages from top regional and national broker-dealers like LPL, Ameriprise, Wells Fargo, RBC, Cetera, Dynasty, UBS, and more.