While Bank of America Corp. reported a $7.3 billion loss for the third quarter, the behemoth banking institution's financial advisers saw some improvement in their business in that time.
Financial advisers at BofA's Merrill Lynch Global Wealth Management boasted average annualized productions levels of $851,000 at the end of the third quarter — up from an average of $837,000 during the same period in 2009.
For the nine-month period ended Sept. 30, Merrill Lynch advisers had an average production of $841,000, compared with the $825,000 during the first nine months of 2009.
In addition to the increase in production levels, Merrill Lynch saw its total number of financial advisers increase during the quarter to 15,340, from 14,979 at the end of September 2009 — a 2% increase.
Merrill added 198 advisers during the quarter.
(Click here for a complete breakdown of BofA/Merrill's adviser head count during the third quarter.)
Total client assets also jumped for Merrill's financial advisers. At the end of September, Merrill's advisers had roughly $1.52 trillion in combined client assets, a 4% increase from the second quarter and a 5% increase from a year earlier.
Advisers at Merrill Lynch now oversee an average of $99.2 million each.
Overall, the wealth and investment management business reported a $313 million profit, up 34% from a year earlier. Brokerage fees declined $175 million because of reduced trading volume, the bank said.
For more on the BofA earnings, click here.
