• Bank of America’s wealth management division has added 33,500 new client relationships this year
  • Merrill Lynch accounted for the bulk of client growth, adding around 6,300 net new households compared to Q3 2022
  • The number of clients in the Merrill Lynch and private bank segment is up 20% for the year
  • Bank of America turned in a solid quarter with earnings of 90 cents a share on revenue of $25.2 billion
  • The Merrill Lynch and private bank businesses accounted for about a fifth of overall revenue, or $5.3 billion in Q3
  • Lower net interest income weighed on revenue in the wealth segments, while higher market valuations and more new clients helped boost asset management fees
  • Net income for the Global Wealth and Investment Management segment was just over $1 billion, down 13% from Q3 2022
  • Merrill Lynch reported $1.2 trillion in assets under management for the third quarter
  • BofA’s wealth segment had flows into its assets under management of $14 billion in Q3 and has seen inflows of $87 billion over the past four quarters
  • Advisors at Merrill Lynch have been bringing in 1.7 times as many new clients in 2023 compared to the same time in 2022

Bank of America’s wealth management division is experiencing record client growth this year. Merrill Lynch has been the main driver of this growth, adding around 6,300 net new households in Q3 2023, a 22% increase compared to the same period last year. The number of clients in the Merrill Lynch and private bank segment has increased by 20% for the year. Bank of America’s overall performance for the quarter was solid, with earnings of 90 cents a share on revenue of $25.2 billion, surpassing analysts’ expectations. The Merrill Lynch and private bank businesses accounted for about a fifth of the bank’s revenue, generating $5.3 billion in Q3. While lower net interest income affected revenue in the wealth segments, higher market valuations and an influx of new clients helped boost asset management fees. The net income for the Global Wealth and Investment Management segment was just over $1 billion, a 13% decrease from Q3 2022. Merrill Lynch reported $1.2 trillion in assets under management for the third quarter. BofA’s wealth segment had inflows of $14 billion in assets under management in Q3 and has seen a total of $87 billion in inflows over the past four quarters. Advisors at Merrill Lynch have been successful in attracting 1.7 times as many new clients in 2023 compared to the same period in 2022.