By Andrew Welsch
Merrill Lynch is adding more resources to help its advisors serve ultrahigh-net-worth clients, a lucrative demographic for the Bank of America wealth unit.
The company says it has assembled more than two dozen specialists to partner with advisors to help them deliver services and to better connect advisors and clients to products and services offered by Bank of America, such as custom lending and family office solutions. The specialists, who will operate as the UltraHigh-Net-Worth Advisory Group, will serve as a single point of contact for advisors, according to the company.
The company appointed Rob Romano, head of capital markets investor solutions for Merrill, to lead the new group. Romano will report to Brian Partridge, head of investment strategy group specialists, who oversees a team that provides investment education and implementation ideas to Merrill and Bank of America Private Bank advisors and clients.
The company has long served ultrawealthy clients but has put renewed focus on catering to this moneyed demographic. It has also been working to build bridges among its various business units.
"Rapid wealth creation, more intricate financial situations, and the importance of generational wealth transfer is creating a need for more advanced guidance for our UHNW clients' wealth management needs," Romano said.
The creation of the team is an example of how the company is striving to support its advisors and their wealthy clients, according to Partridge.
Write to Andrew Welsch at andrew.welsch@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
January 08, 2025 09:00 ET (14:00 GMT)
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