# Merrill vs. Wells Fargo: Two bank-owned wirehouses compared

URL: https://www.financialadvsr.com/compare/merrill-vs-wells-fargo
Updated: 2026-10-10
Publisher: Financial ADVSR (https://www.financialadvsr.com)

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.

## 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. [8] [5] [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]

## Questions

**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).

Sources:
[1] Bank of America: Bank of America Second Quarter 2026 Earnings Press Release (https://d1io3yog0oux5.cloudfront.net/_115fc026bfee716099bb924d2923dd51/bankofamerica/db/806/10579/earnings_release/The+Press+Release_2Q26_ADA.pdf)
[2] Wells Fargo & Co.: Form 10-Q for the quarter ended June 30, 2026 (https://www.sec.gov/Archives/edgar/data/0000072971/000007297126000302/wfc-20260630.htm)
[3] Wells Fargo & Co.: 2Q26 Quarterly Supplement (https://www.wellsfargo.com/assets/pdf/about/investor-relations/earnings/second-quarter-2026-earnings-supplement.pdf)
[4] Bank of America: Bank of America Review & Update Second Quarter 2026 (Fixed Income Investor Materials) (https://d1io3yog0oux5.cloudfront.net/_2520a086209edd7a8d0edce5657bb0df/bankofamerica/files/pages/fixed-income/2026-0714_Fixed_Income_Investor_Materials_ADA.pdf)
[5] InvestmentNews: Wells Fargo Advisors keeps pay plan steady for 2026, adds new incentives (https://www.investmentnews.com/wirehouses/wells-fargo-advisors-keeps-pay-plan-steady-for-2026-adds-new-incentives/262624)
[6] AdvisorHub: 2026 COMP: Wells Fargo Leaves Grid Unchanged, Adds Banking, Multi-Gen Incentives (https://www.advisorhub.com/2026-comp-wells-fargo-leaves-grid-unchanged-adds-banking-multi-gen-incentives/)
[7] American Banker: How Wells Fargo keeps advisors by letting them go independent (https://www.americanbanker.com/news/how-wells-fargo-keeps-advisors-by-letting-them-go-independent)
[8] AdvisorHub: 2026 COMP: Merrill Lynch Doubles 'Small Household' Threshold to $500K (https://www.advisorhub.com/2026-comp-merrill-lynch-doubles-small-household-threshold-to-500k/)
[9] The Wealth Advisor: Wells Fargo Advisors Is Rolling Out A New 2026 Compensation Plan (https://www.thewealthadvisor.com/article/wells-fargo-advisors-rolling-out-new-2026-compensation-plan)
[10] AdvisorHub: Merrill Seeks 'Momentum Change' With 400% Recruiting Deals–Sources (https://www.advisorhub.com/merrill-seeks-momentum-change-with-400-recruiting-deals-sources/)
[11] AdvisorHub: Wells Fargo's Broker Recruiting Deals Can Hit 400%, Sommers Says (https://www.advisorhub.com/wells-fargos-broker-recruiting-deals-can-hit-400-sommers-says/)
[12] Wealth Solutions Report: Diamond Report Finds Accelerating Wirehouse Advisor Movement In H1 2026 (https://www.wealthsolutionsreport.com/diamond-report-finds-accelerating-wirehouse-advisor-movement-in-h1-2026/)
[13] Wealth Solutions Report: Diamond Report Finds Accelerating Wirehouse Advisor Movement In H1 2026 (https://www.wealthsolutionsreport.com/diamond-report-finds-accelerating-wirehouse-advisor-movement-in-h1-2026/)