Head of U.S. Wealth Management at Merrill Lynch Lyle LaMothe says his firm is continuing to see strong growth due to rising profits in the second half of the year.
The thundering -- keeps on running hard. Bank of America Merrill Lynch's wealth management businesses still number one in terms of assets. -- going to have to run a lot harder to keep ahead of rivals of time over the last couple years doing is revisiting all the financial plans . Are revisiting risk tolerances. Updating them if need be. Or reminding clients of their goals in the fact that historically there will that Clifford on Tuesday thank you very much for l'Alma BankAmerica Merrill Lynch . I'm Fred Katayama . This is Reuters. The thundering -- keeps on running hard. Bank of America Merrill Lynch's wealth management businesses still number one in terms of assets. -- going to have to run a lot harder to keep ahead of rivals closing in lisle a -- head of you as well management joins me today now -- Your profits has grown even as assets have declined that's what ops in the case of other well most well managers -- managed to accomplish that. Well. Actually assets are growing -- And so that's -- part of it is our growth this year has. Second half of the year forward has been probably stronger. -- the industry. Industry comparisons. So. We're up whether it's on all assets under management -- whether -- on deposit so we have growth but. The actual profits have also been impacted by our new and expanded -- menu of offerings so. We've had a real growth in deposit. And real growth in England and keeping costs -- We're always keeping an iron and efficient business all right now but the state it's obvious that he pulling in more assets and ends hiring more advisers believe that is now. A recruiting war out there is -- highly profitably. On the talent. Well by not losing existing down. So while we are we're actually focused more on retention. An acquisition we -- as large as we are. A retaining your best is always going to be your best strategy. But then in terms of the asked the acquisition of talent we're focused more on special position. The niche. That it adviser may have her adviser hours or teams. And where it is that it can actually help me bring our offering. Across the country. More to life in any particular more -- this mean paying more. I know nine -- does not mean paying more windy no. That you've got this amazing. Platform. And offering. And that in fact they will be able to interface themselves. With a thundering herd of Canada Europe Clinton Europe clients are putting a lot of money in cash nowadays that's not great for revenues. Heidi get -- take on more risk in this -- Well appropriately. So. -- some having more in cash these days is exactly appropriate for them. But it's a relationship by relationship basis so what are advisers are spending a lot of time over the last couple years doing is revisiting all the financial plans . Are revisiting risk tolerances. Updating them if need be. Or reminding clients of their goals in the fact that historically there will be ups and downs in the market that's part of a full cycle. But as long as it's still. In accordance with the risk tolerances. We're helping them stay the course towards their goals right now investors -- have a lot of access to free advice nowadays and low cost -- scene of eggs especially popular. But is so called self directed investors -- is a competitor or. No I don't think so. To what we see increasingly really every day and in fact it's tough market the last couple of years what it really underscored. Is when things get really big. Are really serious while we love technology and it and the computer system and all the tools everything that it offers for education. What I really want is there one person to talk to I want somebody who I I have confidence in who I trust. And so actually. What we're finding is the duration. Of this difficult market. Is helping our business because. It's underscoring the value. A professional advice and management in -- that Clifford on Tuesday thank you very much for l'Alma BankAmerica Merrill Lynch . I'm Fred Katayama . This is Reuters.