No need to be honest.  Just tell people what they want to hear.

Automating tasks saved financial advisors at Merrill Lynch work…  More advisors are also choosing to use the model portfolios created by the firm’s central investment office.

Andy Sieg – President of Merrill Lynch Wealth Management

All that marketing capital spent lying to (current and potential) clients about customized advice.  Just the latest in the line of BS coming from the Bull.

And just what did Merrill’s army of salespeople do with all that newfound time?  Let’s have Mr. Sieg tell us:

…advisors have gone out and continued to grow Bank of America’s wealth management business.  Annualized first quarter results put Merrill on track to add 47,000 new households in 2019.

Merrill compensates its salespeople not on achieving results for clients but on growth for the company.  Net new client growth per advisor is baked into the firm’s compensation structure.   The salesforce is given bonuses for bringing in 6+ new households and penalized if they don’t bring in more than four.

Once again we ask – is Merrill focused on its own best interest or the best interests of its clients?

Caveat emptor.