Merrill Lynch Wealth Management added nearly 4,800 net new clients in the third quarter, holding steady with prior periods despite a quieter summer season, as reported by Wealth Management. Merrill also reported a significant shift toward affluent clients, with those holding over $500,000 making up a larger portion of new accounts and clients with $10 million or more doubling year-over-year.

Bank of America's Global Wealth and Investment Management division, which includes Merrill Wealth Management, experienced a 4 percent annual decline in average deposits, totaling $280 billion. Nonetheless, total client balances across wealth platforms reached a record high of $5.9 trillion, with $3.5 trillion managed by Merrill Wealth—an 18 percent increase from last year.

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