Merrill Recruits $2.2B Advisor From JPMorgan

The addition of Peter Laidlaw to Merrill's San Francisco offices comes amid the firm's renewed push for advisor recruitment.

Apr. 9, 2026 at 5:07pm by Ben Kaplan

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A high-end, photorealistic studio still-life photograph featuring a stack of financial documents, a pen, and a gold-plated nameplate, conceptually representing the strategic recruitment efforts of wealth management firms.Merrill's aggressive recruiting push to bring on top financial advisors underscores the firm's ambitions to grow its wealth management business.San Francisco Today

Merrill has recruited Peter Laidlaw, a former managing director and private wealth manager at JPMorgan Private Bank who managed $2.2 billion in client assets and generated $4.1 million in annual revenue. Laidlaw's transition to Merrill's San Francisco offices comes as the firm and its parent company, Bank of America, have placed a renewed emphasis on advisor recruitment over the past year.

Why it matters

Merrill's recruitment of Laidlaw underscores the firm's ambitions to grow its wealth management business through more aggressive advisor recruiting. This move aligns with Bank of America's stated goal of bringing on advisors who fit the firm's team-based model, after a period where Merrill had scaled back its recruiting efforts.

The details

Peter Laidlaw, who had been with JPMorgan for the past seven years, will now be part of Merrill's Private Wealth West market and will report to Regional Managing Director Tracy Murphy. Laidlaw's entire career has been spent in San Francisco, having previously worked at UBS, Jefferies Securities, and Goldman Sachs.

  • Laidlaw joined Merrill in its San Francisco offices this week.
  • Bank of America Co-President Dean Athanasia discussed the firm's 'more aggressive recruiting' plans last month at the RBC Capital Markets Global Financial Institutions Conference.

The players

Peter Laidlaw

A former managing director and private wealth manager at JPMorgan Private Bank who managed $2.2 billion in client assets and generated $4.1 million in annual revenue.

Dean Athanasia

Bank of America Co-President who discussed the firm's renewed emphasis on advisor recruitment.

Tracy Murphy

Merrill's Regional Managing Director who will oversee Laidlaw in the firm's Private Wealth West market.

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What they’re saying

“We have no problem recruiting. So we'll continue to do so.”

— Dean Athanasia, Bank of America Co-President

What’s next

Merrill and Bank of America are expected to continue their aggressive recruiting push to bring on more advisors who fit the firm's team-based model.

The takeaway

Merrill's recruitment of the $2.2 billion advisor from JPMorgan signals the firm's renewed focus on growing its wealth management business through strategic advisor hires, after a period of scaling back its recruiting efforts.