We’ve come a great distance.

That’s, a present that simply 5 years in the past propagated from roots in educating advisors on the impartial panorama, to as we speak, a actually seminal second.

Associated: Merrill Grows Advisor Headcount 2% Regardless of Market Drop

As a result of on this episode, we’re taking an enormous leap outdoors of our preliminary directive to share the mic with the chief of certainly one of essentially the most acknowledged brokerage corporations within the wealth administration world.

That’s, Andy Sieg, president of Merrill Lynch Wealth Administration.

Not an impartial agency, however as an alternative one of many high wirehouses that the business was based upon.

It’s a historical past that dates again to 1914 when Charles E. Merrill, a bond vendor, based a small investment-banking agency and later took on a associate, Edmund C. Lynch.

The ensuing collaboration, Merrill, Lynch & Firm, prospered by specializing in underwriting the securities of chain shops. Over the course of a long time, and a variety of mergers and acquisitions, the agency grew to develop into of the main monetary establishments on the earth.

But, struggling billions in losses within the 2008 monetary disaster, Financial institution of America acquired Merrill Lynch in a transaction that rocked the monetary companies world.

Right this moment, Merrill Lynch Wealth Administration reportedly manages almost $3 trillion in shopper belongings with some 20,000 advisors together with trainees and personal bankers (previously often called US Belief advisors).

However for all that, many Merrill advisors really feel that the Financial institution of America takeover modified the tradition of the agency. And regardless of document development, a not insignificant variety of high advisors have opted for different corporations or fashions.

So what’s actually occurring at Merrill? Andy shares his perspective on what’s top-of-mind for Merrill advisors, together with:

• The affect of Financial institution of America on Merrill’s tradition, options, and platform—and the way that impacts the advisors and their shoppers.
• The notion of “Mom Merrill”—and the way that has modified over latest years.
• The agency’s emphasis on development—and the way it correlates with advisor mindset.
• Merrill’s view on teaming—and what they see as the advantages to shoppers and advisors.
• The rationale behind the expansion grid—and Andy’s view of its success and progress.
• The agency’s attrition—and the way he perceives motion from the agency.
• The position of aggressive recruiting—and what his considering is round transition offers.
• The expansion of impartial fashions—and the way that compares to the worth of a fully-integrated agency, in addition to whether or not they plan to introduce an impartial channel.
• Plus, Andy shares his imaginative and prescient for the longer term development and technique of the agency.

Because the “normal bearer of tradition,” it’s leaders like Andy Sieg who’re liable for setting the objectives and course for his or her corporations. And in a world the place the mindsets of advisors and their shoppers have modified dramatically, the burden of managing change rests solely on the management.

It’s certainly one of our most anticipated episodes—one by which listeners get to peek behind the scenes and listen to from the chief of the Thundering Herd.

Obtain a transcript of this episode…

Hearken to extra episodes of Mindy Diamond on Independence: A Podcast for Monetary Advisors Contemplating Change.