Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Industry Spotlight > Women in Wealth

Merrill vs. Morgan Stanley: Which Added More Assets, Advisors in Q3?

Your article was successfully shared with the contacts you provided.

The third quarter included mixed results for two of the largest Wall Street firms — though one firm’s wealth unit clearly had stronger flows this period. 

At the corporate level, Bank of America’s profits in the period ending Sept. 30 dropped 15% from a year ago to $4.9 billion, or $0.51 per share. Meanwhile, Morgan Stanley’s jumped 25% year over year to $2.72 billion, or $1.66 per share.

Financial Advisor Stats

Morgan Stanley’s tally is 15,469 advisors, up 70 from June 30, but down by 84 from a year ago. The registered reps work with a total of $2.85 trillion in client assets.

Related: BofA Launches Digital Financial Planning Tool

Advisors with Morgan Stanley have an average asset level of $184 million, and average trailing 12-month fees and commissions of $1.20 million as of Sept. 30.

Bank of America Merrill Lynch has 17,760 advisors, down by 128 from the prior quarter, but up 103 from last year; these figures include some advisors working on Merrill Edge and other BofA operations. 

The overall wealth unit, which includes BofA Private Bank, has $3.07 trillion of client assets.

The BofA wealth unit’s advisors have average yearly production of $1.07 million; veteran advisors’ 12 month trailing fees and commissions were $1.46 million.

Wealth Unit Performance

The wealth unit of Morgan Stanley had revenues of about $4.66 billion in Q3, up 7% from $4.36 billion in the year-ago period. Its net income, though, dropped 12% year over year to $842 billion.

BofA’s wealth group had revenues of $4.55 billion in Q3 ($3.75 billion of which came from Merrill), down 7% from a year ago. Its profits fell by 32% from a year ago to $749 million.

As for net new assets, Morgan Stanley reported fee-based flows of $23.8 billion, while BofA’s wealth unit had $1.4 billion of net flows in overall assets under management. 

— Related on ThinkAdvisor:


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.