Major Wirehouses Boost Alternative Investment Sales and AI Integration

Merrill Lynch, Morgan Stanley, and Wells Fargo are increasing sales of alternative investments and integrating artificial intelligence functions for their financial advisors in 2026. These firms employ or work with approximately 40,000 financial advisors, who are among the highest revenue producers in the financial advice industry. Sales of alternative investments, such as private credit funds and REITs, are gaining traction at these firms.

The increased sales of alternative investments, which are typically more expensive than standard stock and bond funds, is meaningful to the firms' bottom line. Furthermore, the use of artificial intelligence functions by these large firms represents potential cost savings and profit boosts by replacing back-office workers.