Firms compared · Updated October 10, 2026
Merrill vs. Wells Fargo: Two bank-owned wirehouses compared
The short answer
Merrill reported $4.1 trillion in client balances at June 30, 2026, compared with $2.4 trillion in client assets in Wells Fargo's Wealth & Investment Management segment. Both are owned by big banks, but Wells Fargo also offers an independent contractor channel, FiNet, while Merrill advisors are Bank of America employees. Merrill's 2026 cash grid runs from 34% to 51%, with reduced or no pay on households under $500,000; Wells Fargo pays 50% above a $13,500 monthly hurdle. In the first half of 2026, Diamond Consultants counted Wells Fargo up 46 experienced advisors and Merrill down 404.
Wirehouse
- Merrill client balances · Jun 2026
- $4.1 trillion1
- Merrill assets under management · Jun 2026
- $1.8 trillion1
- Net change in experienced wirehouse advisors, first half 2026 (Diamond Consultants) · Jun 2026
- -40413
- Parent company
- Bank of America Corp.1
- Ownership
- Public, through parent (NYSE: BAC)1
- Business segment
- Global Wealth & Investment Management4
How advisors affiliate
Full Merrill profile and news →Wirehouse
- Wealth & Investment Management client assets · Jun 2026
- $2.4 trillion2
- Advisory assets · Jun 2026
- $1.23 trillion3
- Net change in experienced wirehouse advisors, first half 2026 (Diamond Consultants) · Jun 2026
- +4612
- Parent company
- Wells Fargo & Co.2
- Ownership
- Public, through parent (NYSE: WFC)2
- Business segment
- Wealth & Investment Management2
How advisors affiliate
- Employee advisor (Private Client Group)
- Independent contractor (FiNet)
- RIA custody and services
- Bank branch channel (employee)
Full Wells Fargo profile and news →Key differences
- Size: Merrill reported $4.1 trillion in client balances and $1.8 trillion in assets under management at June 30, 2026. Wells Fargo's wealth segment reported $2.4 trillion in client assets and $1.23 trillion in advisory assets on the same date.1,2,3
- Ownership: Merrill is part of Bank of America (NYSE: BAC); Wells Fargo Advisors is part of Wells Fargo & Co. (NYSE: WFC).1,2
- Affiliation models: Merrill advisors are Bank of America employees serving households with more than $250,000. Wells Fargo has an employee Private Client Group, bank-branch advisors and the independent FiNet channel.4,5,6,7
- Payout: Merrill's 2026 standard cash grid runs from 34% to 51%, with 20% on households of $250,000 to $500,000 and nothing below $250,000. Wells Fargo's 2026 grid pays 50% above a $13,500 monthly hurdle and 22% below it.5,8,9
- Recruiting: Both have reported top deals of up to 400% of trailing-12-month revenue, Merrill for $5 million-plus teams in December 2023 and Wells Fargo per its then-wealth chief in September 2023, in each case including deferred or growth-tied portions.10,11
- Advisor movement: Diamond Consultants counted Wells Fargo as the top net gainer of experienced advisors among the four wirehouses in the first half of 2026, up 46, and Merrill as the biggest net loser, down 404.12,13
Which pays advisors more, Merrill or Wells Fargo?
It depends on production and client size. Merrill's 2026 cash grid runs from 34% to 51% but pays reduced or no credit on households under $500,000. Wells Fargo's 2026 grid pays 50% on revenue above a $13,500 monthly hurdle and 22% below it, with extra incentives for banking and multigenerational households. The plans aren't built the same way, so rates alone don't settle it.
Is Merrill bigger than Wells Fargo Advisors?
By reported client assets, yes: $4.1 trillion in Merrill client balances versus $2.4 trillion in Wells Fargo's wealth segment, both at June 30, 2026.
Do Merrill and Wells Fargo offer the same recruiting deals?
Reported top-end offers are similar. Merrill offered up to 400% of trailing-12-month revenue to $5 million-plus teams (AdvisorHub, December 2023). Wells Fargo's deals can reach 400% including deferred bonuses tied to asset transfers (AdvisorHub, September 2023).
Built only from each firm’s sourced Financial ADVSR profile; figures carry their own as-of dates and may measure different things at each firm. Not investment or career advice. Spot an error? Tell the editors.