The leading IBD firm is eager to dominate the entire advisor industry, following another strong quarter for recruiting.

Coming off another record quarter, the independent broker-dealer giant sought to reassure analysts questioning its stagnant advisor headcount.

The firm's total advisor headcount holds steady while its assets under management swell to $816 billion.

The firm's bottom line took a one-time hit from legal expenses even as it recruited advisors and added to its assets.

Company executives also called attention to the firm's new wealth management system, Wove.

Morgan Stanley's wealth management inflows slow in third quarter

Merrill president and co-head Lindsay Hans said the firm is well-positioned for the "largest asset-gathering opportunity that FAs have seen in decades."

The Wall Street giant is staggering under its plan to shift back to serving primarily the ultrawealthy.

The banking and brokerage firm's income also suffered from clients moving money into high-interest-paying money markets.

CEO Charlie Scharf said the bank's troubled wealth unit had 'treaded water' for a while, but showed signs of recovery as client assets and fee income grew.