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As if it is a surprise, another Friday another big Merrill team leaves the firm. And it’s not like it’s just one or two firms that have the secret sauce to lure Merrill teams away from BofA; it’s obvious that any firm is a viable alternative.

This time it was Sanctuary, landing the largest recruiting win since its inception in 2018. Sanctuary is led by former Merrill executive Jim Dickson.
Here are the details of the team that made the transition: $1.5B in assets and better than $5M in annual revenue.
The eight-person team in Walnut Creek, CA are captained by Kelly Milligan and William Barry. The group includes Susan Mazzetti and Melissa Yue, and was proudly announced by Sanctuary’s Jim Dickson.

It’s simply a familiar refrain that has been the one enduring storyline for five years now. Any advisor numbers that come out of BofA/Merrill are nothing but a shell game. They’ve been gutted of their largest and most prominent advisors across the country – while Merrill Edge rookies fill those seats and hang on to the account scraps that remain after a move.
The question still remains – if you’re a serious team or advisor, why are you still at BofA/Merrill?

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