Two veteran Merrill Lynch advisors, both Black women, filed a proposed class action against Merrill Lynch and its parent company, Bank of America. According to AdvisorHub, the advisors allege discriminatory practices in succession planning, teaming, and account distribution policies.

The plaintiffs claim they were excluded from team opportunities and received fewer client leads and account distributions compared to their white male colleagues. They allege that Merrill Lynch favors white men in its teaming and account distribution practices, essentially sustaining a "good old boys" network that limits opportunities for Black advisors.

Merrill Lynch's response emphasized its commitment to diversity, while also noting that its mandatory arbitration policy aligns with industry standards. According to AdvisorHub, Merrill spokespersons confirmed plans to "vigorously defend" against the allegations.

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