Originally published in The Greater Baton Rouge Business Report
JUNE 15, 2017
Merrill Lynch Wealth Management has the top spot in Business Report’s latest ranking of financial investment firms by the amount of local assets under management.
The wealth management and investment firm, headquartered in New York, holds nearly $5.7 billion in local assets. The firm has grown in recent years, driven by an increase in Baton Rouge-area clients with investments of $250,000 or more.
Earlier this year, Merrill Lynch opened a second Baton Rouge office at 1800 City Farm Drive to accommodate its staff. Donald Minor, the firm’s associate market manager, says Merrill Lynch had reached capacity at its downtown Baton Rouge office, with some leadership team members working out a conference room. The City Farm office, populated with more established advisers, is at 95% capacity, he said, while the firm’s downtown office is 85% occupied.
Annual data Merrill Lynch receives projects the segment of the Baton Rouge market that has $250,000 or more—or those who require more complicated financial solutions—to grow about 12% over a five-year period, with $1 million clients to grow 5% over the same period.
Rounding out the top four spots on the list: Morgan Stanley with $4.3 billion in assets; Raymond James & Associates with $2 billion; Wells Fargo Advisors and GWM Advisors, both with $1.5 billion
See the current issue of Business Report for the full ranking of financial investment firms