Merrill Lynch will begin to phase out the number of sole practitioners at the firm. According to Andy Sieg, president of the firm, "Clients simply expect and deserve more than a sole practitioner can practically provide." By 2030, 100 percent of Merrill's advisors will be on teams, according to Sieg's predictions.

Currently, 75 percent of Merrill advisors are on teams, according to a firm spokesperson. Research firm Cerulli Associates indicates that Merrill is ahead of the industry average and its peers regarding "teaming." As of 2021, 54 percent of advisors are on teams industry-wide and 64 percent of wirehouse brokers are part of a team. Merrill has been encouraging advisors to join teams for quite some time, as firm executives say customers benefit from having a range of specialists and it provides continuity by seeding teams with younger trainees. Recruiters have also stated that teaming makes it more difficult to transition firms unless all members of a team agree to leave.

To further its ambitions, Merrill formed 2020 a "blueprint" and group of practice management specialists to guide advisors in building teams, according to the spokesperson. Merrill also offers payout perks and, in some cases, requires brokers to pair with advisors with specialist designations to open certain accounts like a 401(k) plan for a small business.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.