Merrill Lynch

Across the last five years of Financial Planning's 40 under 40 list, a few key insights have emerged about where the industry is at — and where it's headed.

In an industry with too few advisors, many say the failure rate for newcomers remains disconcertingly high. But brokers on Financial Planning's top 40 under 40 list say they wouldn't be where they are without early career training.

In the year ahead, private equity, exchange traded funds and tax-loss harvesting promise to be top priorities for advisors leading the pack.

Regulators took the wirehouses to task for not having policies directing advisors to consider clients' best interests.

Executives say the Bank of America subsidiary likely benefited from clients in 2023 seeking a safe harbor from teetering regional banks.

Industry experts say the new team of 25 investment specialists seems designed to tackle the more esoteric aspects of working with wealthy clients and leave asset gathering and relationship management to advisors.

The firm's new policy of keeping discrimination complaints out of court isn't sitting well with at least two financial advisors.

Merrill's digital match program is finding client growth by using an algorithm to pair clients and advisors largely based on personalities rather than asset distribution. Meanwhile, Mercer Advisors uses human matchmakers.

Merrill and Bank of America Private Bank report starting 5,500 new client relationships in the third quarter, more than a third of which came through recent graduates of its training program.

Merrill and a partner firm were accused of running a complicated yield enhancement strategy, or CYES plan, of the type that has long been in regulators' crosshairs.

The hires add credibility to the wirehouse's renewed commitment to recruiting.

The firm continues to see success with encouraging wealth clients to open banking accounts.

A look at which firms had the biggest loan balances and revenue numbers and the relationship between the two.

Firms that haven't been afraid of generous recruiting offers have shown the greatest growth in recent years.

FINRA's settlement with Merrill gives the wirehouse credit for "extraordinary cooperation" with its investigation.

The payout of nearly $20 million reflects the mixed status of Black representation among financial advisors at the largest wealth management firms.

The mammoth coup far outpaces other recruiting deals of recent memory.

Arbitration panels and courts have already shown openness to arguments that deferred compensation is protected under federal retirement law.

Industry experts who track comings and goings at large firms say the advisor staff figures often obscure more than they reveal.

An industry recruiter said the Bank of America subsidiary has become almost "unhinged" with the amount of money it's willing to offer advisors it's recruiting.