Merrill Lynch, seeing a surge in new clients in Dallas, is planning to bolster its financial advisor ranks in the city by 25% this year, according to news reports.
The wirehouse intends to add 30 more advisors in Dallas, including 20 from within its own advisor training program, the Dallas Business Journal writes, citing Merrill Dallas market executive Chris Miller.
Merrill has been adding over 550 new clients annually since 2017 in Dallas and expects to surpass that this year, Miller said, according to the publication.
The wirehouse moved Miller from Philadelphia to Dallas three years ago, a move Merrill president Andy Sieg says indicates the firm’s plans for North Texas, the Business Journal writes.
Merrill has 10 offices in North Texas while Bank of America Private Bank has four, together having over $88 billion in client assets, according to the publication.
Over the past five months, Merrill added five advisors in Dallas, the Business Journal writes.
“Nationally, we have financial advisors and communities from coast to coast. I can’t say anywhere I’ve been that I have felt the energy that I felt in Dallas,” Sieg said, according to the publication.
Sieg identified Dallas as one of the top 20 markets Merrill is aiming to grow, among its 105 existing markets in the nation, the Business Journal writes.
“That Merrill Lynch bull is going to be very visible in Dallas,” Sieg added, according to the publication.
Earlier this month, Sieg told the Houston Business Journal that Merrill also plans to bolster its Houston advisor ranks from 250 to 500 over the next decade to meet increased client demand.
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