Analysis · Merrill Lynch
Spring of Our Discontent? Merrill Advisors Eye Long-Term Career Choices
As some established large teams exit and others explore options, a slow shift is emerging among Merrill Lynch advisors questioning their future with the firm.
By Advisor News Network
June 6, 2026
4 min
Related
BAC--
As some established large teams have exited and several others are actively exploring options, a slow shift is starting to emerge among Merrill Lynch advisors.
The movement is not necessarily being driven by any major change within Merrill, but more advisors are becoming restless and are questioning their future with the firm. By most accounts, Merrill has stabilized after a period of disruption earlier under former wealth boss Andy Sieg. The exodus has slowed as many of his policies, including sharp cuts to brokerage payouts and growth penalties, were curtailed or softened.
With Sieg at Citi and under the leadership of Lindsay Hans and Eric Schimpf, Merrill has recalibrated, restoring parts of its legacy culture while maintaining the scale and resources of a large bank platform.
That's what is driving early signs of curiosity from sophisticated Merrill teams, particularly those that joined in the years leading up to the firm's 2017 recruiting pullback. Many of those advisors accepted large transition packages that are now nearing the end of their terms, or have already been paid off. As those commitments expire, the calculus changes.
"It's not that Merrill advisors are unhappy," said Roger Gershman, founder of The Gershman Group. "But many of these are mature, highly built-out businesses that are starting to ask what comes next."
TagsMerrill LynchRecruitingIndependenceCareer
