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Thursday, January 19, 2023

Mindy Diamond: A Candid Dialog with Merrill’s Andy Sieg


We’ve come a good distance.

That’s, a present that simply 5 years in the past propagated from roots in educating advisors on the unbiased panorama, to in the present day, a really seminal second.

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

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

Not an unbiased 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 companion, Edmund C. Lynch.

The ensuing collaboration, Merrill, Lynch & Firm, prospered by specializing in underwriting the securities of chain shops. Over the course of many years, and numerous mergers and acquisitions, the agency grew to turn 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 providers world.

At this time, Merrill Lynch Wealth Administration reportedly manages practically $3 trillion in shopper property 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 progress, a not insignificant variety of high advisors have opted for different companies or fashions.

So what’s actually happening 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 purchasers.
  • The notion of “Mom Merrill”—and the way that has modified over current years.
  • The agency’s emphasis on progress—and the way it correlates with advisor mindset.
  • Merrill’s view on teaming—and what they see as the advantages to purchasers 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 unbiased 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 unbiased channel.
  • Plus, Andy shares his imaginative and prescient for the longer term progress and technique of the agency.

Because the “customary bearer of tradition,” it’s leaders like Andy Sieg who’re accountable for setting the targets and path for his or her companies. And in a world the place the mindsets of advisors and their purchasers have modified dramatically, the burden of managing change rests solely on the management.

It’s certainly one of our most anticipated episodes—one wherein 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.

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