The firm’s efforts to attract talent away from rivals boosted headcount by a net 57 advisors in 2018.

CEO Dan Arnold pledged new tech-enhanced support for advisors as part of a larger cultural transformation.

The firm suffered from market volatility in the fourth quarter.

An uptick in retirements dampened the firm’s efforts to expand its brokerage ranks.

The firm’s new leader Penny Pennington tapped managers, one a longtime veteran of the firm, for the executive committee.

Increased volatility, rising protectionism and geopolitical tensions are still weighing on investors, the firm said.

Overseeing money for the rich is supposed to be one of the best businesses in banking, but even the world’s biggest wealth manager is finding that it doesn’t always work out like that.

Market volatility spurred clients into cash during the fourth quarter.

“The thundering herd is on the move,” boasts Andy Sieg, head of Merrill Lynch.

The firm has lost more than 1,100 advisors since a phony accounts scandal came to light in 2016.