BofA Co-President Pledges 'More Aggressive' Merrill Lynch Recruiting in 2026

Bank of America's co-president Alastair Borthwick says the firm is pivoting from retention-first to active recruiting as Merrill Lynch looks to rebuild headcount after years of advisor attrition.

Bank of America is shifting gears on advisor recruiting. Co-president Alastair Borthwick told analysts and investors last week that the firm plans to take a more aggressive posture in the market for financial talent — a notable departure from the cautious, attrition-focused strategy Merrill Lynch has operated under for the better part of a decade.

"We have an opportunity to grow the advisor force and we intend to be more aggressive about it," Borthwick said during a financial services conference, according to sources familiar with the remarks. The comments signal a strategic reset at the nation's largest wirehouse by total client assets.

Merrill Lynch — which operates under the BofA umbrella — has watched its advisor headcount decline steadily since the bank acquired it in 2009. The firm's focus on "thundering herd" productivity metrics pushed out lower-revenue producers while doing little to attract experienced advisors from competitors. That calculus appears to be changing.

Industry observers say the timing is deliberate. Merrill's recruiting loan commitments jumped nearly 47% year-over-year in the fourth quarter of 2025, a figure that suggests the firm had already begun ramping up its offer packages before Borthwick's public comments. Wells Fargo's loan total rose 13% over the same period, according to data compiled by AdvisorHub.

The move puts Merrill more squarely in competition with Morgan Stanley and Wells Fargo, both of which have been active in the recruiting market and have poached several large Merrill teams in recent months. Raymond James has also been a consistent destination for departing Merrill advisors, particularly teams with $500 million or more in assets under management.

For advisors at Merrill, the change in posture cuts both ways. An employer signaling growth ambitions often translates into better retention packages and improved grid payouts — even for those not actively exploring opportunities. But a more aggressive Merrill also means more competition in the deal market, which could push deal terms higher across the wirehouse landscape.

What it means: Recruiting packages are likely to get richer across the board as Merrill re-enters the market in earnest. Advisors with $500 million or more in AUM should expect inbound contact from Merrill recruiters in the coming months — and should be prepared to use competing offers as leverage, whether they're interested in moving or not.