Merrill Lynch has introduced Elite Growth Practice, a new practice management program. The program is designed to help advisors grow their team. At Merrill Lynch, more than 80% of advisors are on a team. The number of advisor teams has increased significantly at Merrill Lynch. The number of five-person teams at the firm has increase four fold since 2012.

Elite Growth Practice starts by helping advisors identify the needs of their practice. The program also includes an action plan designed to increase account and asset growth, as well as learning notebooks to develop team member skills. The program is available to Merrill Lynch advisors in four formats: one-on-one coaching, workshops, collaborating with local leaders, and self-directed online learning.

The program is introduced following a second quarter that saw a decrease in net new households brought in to the firm. Merrill Lynch advisors brought in 6,000 net new households in the second quarter of 2020, compared to 7,500 net new households in the first quarter.

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