September 30, 2023

Merrill Wealth Administration stepped up its reshuffling of senior executives within the wake of former president Andy Sieg’s departure for Citi

The Wall Avenue establishment has promoted Greg McGauley to switch Don Plaus as the pinnacle of its Non-public Wealth Administration, Worldwide and Institutional enterprise, and moved different executives into key roles. 

All of the modifications are efficient instantly, a Merrill spokesman stated in an e mail Friday. The wirehouse introduced the information on Friday internally to workers. 

The modifications contain promotions that change the departed Sieg’s personal replacements, new Merrill presidents and co-heads Eric Schimpf and Lindsay Hans, of their former roles. Additionally they sign the agency’s path going ahead post-Sieg: extra integration with dad or mum firm Financial institution of America, increasing the Advisor Development Program to coach entry-level advisors — which may help it make up for heavy losses of skilled advisors — and supporting aggressive natural progress. All of the executives concerned will report on to Hans and Schimpf.

“With the appointments of those leaders, Merrill stays well-positioned to drive accountable progress and ship for our purchasers, advisors, and companions,” Hans and Schimpf stated in a joint assertion Friday, including that the brand new leaders had sturdy expertise “in area management, serving purchasers and main our progress and advisor coaching packages.” 

Learn extra: Sieg’s transfer may foreshadow large modifications at each Merrill and Citi

McGauley, the previous chief of the Northeast Area of Merrill Non-public Wealth Administration, is successfully changing each Plaus and Hans. Hans had been put in in Plaus’s position, however vacated that when she was promoted to co-lead the wirehouse. 

Plaus initially deliberate on retiring on the finish of March however then delayed his departure to assist regular the ship after Sieg’s sudden exit. There isn’t a clear time but when Plaus will retire. “Don Plaus and Greg will transition over the approaching weeks,” the agency stated in an e mail. 

Outgoing chief working officer Kirstin Hill additionally plans to retire in some unspecified time in the future this month. 

Brian Ludwick, Pacific Coast Division Govt at Merrill.

Financial institution of America

Filling in for Schimpf, Brian Ludwick is now Pacific Coast Division Govt and Erik Vatter has been named head of Advisor Growth. Beforehand, Ludwick had been the Houston Market Govt since 2021.

Erik Vatter, the pinnacle of Advisor Growth at Merrill.

Financial institution of America

Vatter has served “in a wide range of management roles, together with Resident Director, Market Govt, and nationwide roles targeted on advisor improvement, recruitment and our Resident Director technique,” the agency stated in an e mail. Vatter will even lead the Market Govt Management Academy and Follow Administration Group. 

Lydia DiClemente, head of Merrill Banking Enablement and Merrill Monetary Resolution Advisors.

Financial institution of America

Lydia DiClemente is now head of Merrill Banking Enablement and Merrill Monetary Resolution Advisors, persevering with in her former place of main MFSAs however with the expanded banking duty, the agency stated. 

“Lydia will even lead work to boost how we ship our banking capabilities to Merrill purchasers in partnership with April Schneider, head of Wealth Administration Banking and Lending,” the agency stated. DiClemente beforehand additionally led the Academy for Client Investments and Enterprise Licensing and Skilled Designations. 

Ken Correa, the Head of Enterprise and Consumer Growth at Merrill.

Financial institution of America

Lastly, Kenneth “Ken” Correa is “taking over an expanded position as Head of Enterprise and Consumer Growth,” the agency stated.

Correa nonetheless leads Nationwide Recruiting, Prime Advisor Recognition Packages and the Nationwide Resident Director Technique, amongst different tasks.

He will even “lead our enterprise improvement and shopper progress technique and can companion with our services and products management groups to drive seamless integration and area adoption throughout Merrill,” the agency stated. 

All of the roles are promotions to the senior management group, aside from Correa, who was already there. The spokesperson stated it was “not but introduced” who would change every of the newly promoted executives of their prior roles.