Optimize at Merrill Lynch
Stay where you are with a clearer view of grid economics, deferred awards, and what's actually negotiable internally.
Winthrop & Co. · Merrill Lynch Brief
Capital is leaving Merrill Lynch.
Your Merrill Lynch options, set against the open market, in a twelve-page brief for advisors weighing a move.
Merrill Industry Brief
A Bank of America Company
2026 · Recruiting & Transitions
$20B+
has departed Merrill Lynch in publicly reported team moves, January 1 to October 12, 2026.
winthropco.com / research
IndependentAt least 25
publicly reported team and advisor moves from Merrill (18 teams, 7 single advisors), January 1 to October 12, 2026
About 12 weeks
first call to first trade, then 90 days of support
What's happening right now
Your peers are quietly evaluating.
A snapshot of recent transitions tracked from Merrill Lynch. Names anonymized where confidentiality required. The Merrill Industry Brief carries a selection of publicly reported moves from Merrill, January 1 to October 12, 2026.
Latest Merrill Lynch moves
The five most recent publicly reported moves, updated daily.
Nov 3, 2026
The Barnett, Coon, Armitage, Leach and Moore Group (Newport Beach, CA)
→ Morgan Stanley
$5.9B
Nov 2026
J. Tiffany Yu
→ J.P. Morgan Advisors (Century City, Los Angeles)
$940M
Oct 30, 2026
daRoza Group (Antonio P. daRoza, San Francisco, CA)
→ Morgan Stanley
$1.8B
Oct 14, 2026
Economos Private Wealth (Nick Economos; Danville, CA)
→ LPL Independent Advisor Network
$580M
Oct 12, 2026
The Singer Maxey Wealth Management (Andrew Singer, Storm Maxey; Bend, OR)
→ Raymond James (RJ&A)
$450M
The count above is a separate compilation of publicly reported team and advisor moves from Merrill, January 1 to October 12, 2026.
Why now
Four catalysts pushing Merrill Lynch advisors out.
- 01
The bank sets the targets
At Bank of America's November 2025 Investor Day, Merrill set a 30% margin target, up from around 25%, and aimed client lending and deposit balances at as much as $525 billion.
- 02
The fine print in the 2026 pay plan
The grid stayed at 34% to 51%, but the advisor is paid nothing on households under $250,000 and 20% of the revenue from households of $250,000 to $500,000.
- 03
Deferred pay that rides on staying
WealthChoice awards generally are not earned and payable until eight years after they are granted, and an advisor who leaves typically forfeits the unvested awards.
- 04
Bank of America stopped publishing the count
Bank of America stopped reporting its advisor headcount from the first quarter of 2024. Its last figure, 18,916 advisors across its wealth businesses, was as of the end of 2023.
Compare your paths
Four credible options. Side by side.
The Merrill Industry Brief compares four kinds of path, from optimizing at Merrill to an independent RIA. The version for your book is worked through on a call.
Boutique destination
Full brand and data ownership with white-glove service and tighter alignment.
Hybrid-RIA
Multi-custody flexibility, equity potential, and a wider product menu.
Independent RIA
Complete autonomy, brand control, modern tech stack, and durable enterprise value.
What you get
Inside the Merrill Industry Brief.
Built for Merrill Lynch advisors evaluating their next chapter. Delivered confidentially within minutes.
The record in Bank of America's own numbers: the end of headcount disclosure, the integration with the bank, and the targets set at its November 2025 Investor Day.
The fine print of the 2026 pay plan, from small-household payouts to WealthChoice deferred compensation.
How wirehouse packages are running in our 2026 deals, depending on your book of business.
The Client Transition Program, set against a transition now and a second sunset later.
A selection of documented moves from Merrill, and four kinds of path compared side by side.
What a confidential call covers, from your book to introductions to independent securities counsel.
- Written for Merrill Lynch advisors
- Delivered to your inbox
- No obligation to act on what you read
Request the Merrill Industry Brief
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No exclusivity. The Merrill Industry Brief lands in your personal inbox automatically, with the data and framing you need to evaluate your next chapter privately.
How we work
From first call to first trade.
About twelve weeks in four steps, with 90 days of support after the move. Confidential at every step.
Week 1
Diligence
Goals, book composition, deferred-comp exposure, and portability reviewed against the live market.
Weeks 2 to 3
Compare
The kinds of firm that fit your book, compared on the call.
Weeks 4 to 6
Negotiate
Terms, equity, transition capital, and deferred-comp offset negotiated with the advisor.
Weeks 6 to 12
Execute
Re-papering, day-one readiness and 90-day support, with your own counsel on notice and client contact.
FAQ for Merrill Lynch advisors
The questions you're probably already turning over.
If yours isn't here, ask it directly in a .
How does my Merrill Lynch deferred compensation factor in?
Deferred comp and stock awards are typically the biggest near-term variable in a Merrill Lynch transition. The Industry Brief explains how WealthChoice works, and on a call we set your own schedule against how packages are structured for a book like yours, depending on your book of business.What about my Bank of America banking referrals?
BofA banking integration is a real differentiator for some Merrill Lynch advisors and largely irrelevant for others, depending on book composition. The Industry Brief lays out how far the bank now reaches into a Merrill practice, and on a call we look at what your clients actually use.Can I keep my premier banker relationships?
Existing internal banking relationships don't transfer directly. Where lending matters to specific clients, the kinds of firm that fit can offer it through their own banking and custody partners, and we work through what your clients need on a call.What's the typical timeline for a Merrill Lynch team?
From first call to first trade, our process runs about twelve weeks: diligence, comparing the kinds of firm that fit, negotiation, then re-papering and day-one readiness, with 90 days of support after the move. Merrill is a Protocol signatory; what the Protocol allows you is a question for your own counsel.How do you handle my Merrill Lynch stock awards?
Receiving firms can structure packages to account for unvested awards, depending on your book of business. On a call we set the unvested portion against how packages are structured for a book like yours.
For advisors at Merrill Lynch
Your decision. Without the pressure.
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