• Home: Leading Financial Advisor Recruiting Firm
  • About Us
    • Meet the Team
    • Testimonials
    • Case Studies
    • Representative Deals
  • Services
    • For Financial Advisors
    • For Independent Business Owners
  • FAQs
  • Articles
  • Podcast
    • Industry Update
    • Independence 101 Series
  • In the News
    • Moves in the News
  • Tools for Advisors
    • Advisor Transition Report 2022 – NEW!
    • Merrill Information Hub
    • UBS Information Hub
  • Contact Us
  • Subscribe for Updates

Questions? Call us: 908-879-1002

Contact us...
Diamond Consultants: Financial Advisor Recruiting FirmDiamond Consultants: Financial Advisor Recruiting Firm
  • Home
  • About
    • Meet the Team
      • Mindy Diamond
      • Louis Diamond
      • Howard Diamond
      • Jason Diamond
      • Barbara Herman
      • Deborah Aronson
      • Wendy Leung
      • Cathy Nichols
      • Debbie Wallen
      • Allison Brunwasser
      • Joshua Tomolak
      • Shelley Muzio
      • Caryl Felicetta
      • Donna Riopel
      • Kelly Griffiths
    • Testimonials
    • Case Studies
    • Representative Deals
  • Services
    • For Financial Advisors
    • For Independent Business Owners
      • Sell-Side M&A Advisory
      • Consulting
  • FAQs
  • Articles
    • Subscribe for Updates
  • Podcast
    • Industry Update
    • Independence 101 Series
    • Subscribe for Updates
  • In the News
    • Moves in the News
    • Transition Announcements
  • Tools For Advisors
    • NEW – Diamond Consultants Advisor Transition Report 2022
    • Merrill Information Hub
    • UBS Information Hub
    • Other Tools
    • Subscribe to e-Newsletter

In the News

Nearly All Merrill Brokers Expected to Shift to Teams by 2030

Posted by Jason Diamond

April 8, 2022
Jason Diamond Quoted
by Jeff Berman

Brokers at Merrill Lynch Wealth Management are increasingly shifting away from working on their own to becoming part of a team and just about all of them are expected to be part of a team eight years from now, according to Andy Sieg, president of the Merrill division.

The “future of wealth management” will be dependent upon “five foundational elements,” starting with “great advisors working as teams,” he said Thursday at the Securities Industry and Financial Markets Association’s Private Client Conference in Aventura, Florida.

The “teaming” trend is not new…

…Diamond Consultants has been “certainly aware that firms, including Merrill, have been encouraging teaming for years,” Jason Diamond, vice president of Diamond Consultants, told ThinkAdvisor. “But this is definitely the furthest we’ve seen any firm go.”

What was “a little unclear to me” from the AdvisorHub article that reported Sieg’s comments on Thursday was “whether the comments were a prediction or a mandate” that all Merrill brokers become part of a team by 2030. That was not made clear by Sieg during his presentation.

“I think it’s a big distinction,” Diamond said. There are benefits to teams for the firms, clients and advisors, he said, noting that it provides greater scale for advisors and gives clients access to diverse points of view.

Diamond predicted such a mandate could lead to more brokers opting to break away from Merrill or other large firms.

Read more…

 

 

You may also be interested in...

Share
0

About Jason Diamond

Vice President, Senior Consultant. Jason has a unique vantage point that benefits the advisors he counsels—with a combination of knowledge and empathy that few can claim. Learn more...

    Recent News & Articles

    • As Wealth Managers Move To Diversify Customers’ Idle Cash, SVB’s Own Advisors Head For Exits
    • Winners and Losers: The Year that Was in the Wealth Management Recruiting Space
    • Recruiters Reveal Their Secrets On Cultivating A Robust Advisor Pipeline
    • What Really Makes Financial Advisors Happy?
    • The big questions facing SVB advisors and their clients
    See. Here. Now.
    We're available to answer your questions. Contact us

    Connect with us

    Search

    © 2023 · Diamond Financial Consultants, LLC t/a Diamond Consultants. All rights reserved.*

    • Leading Financial Advisor Recruiting Firm:
    • About
    • Services
    • FAQs
    • Articles
    • Podcast
    • News/Media
    • Tools/Resources
    • Contact
    • Our Locations
    • Privacy Policy
    • Site Map