Merrill Lynch is expanding its efforts to support advisors in serving ultra high-net-worth (UHNW) clients, a highly profitable segment for Bank of America's wealth management division.
The firm has introduced a team of more than 24 specialists who will collaborate with advisors to enhance client service. This group, named the UltraHigh-Net-Worth Advisory Group, aims to streamline connections between advisors, clients, and the comprehensive range of products and services offered by Bank of America, including bespoke lending solutions and family office support. Acting as a centralized resource, the team will provide advisors with a single point of contact for addressing UHNW client needs.
Leading this initiative is Rob Romano, Merrill’s head of capital markets investor solutions, who will oversee the group. Romano will report to Brian Partridge, head of investment strategy group specialists. Partridge manages a team dedicated to delivering investment education and actionable strategies to advisors and clients within Merrill and Bank of America Private Bank.
Merrill has a longstanding history of serving affluent clients but is intensifying its focus on the UHNW demographic. The firm is actively working to integrate services across its business units, enhancing collaboration and efficiency.
“The surge in wealth creation, increasingly complex financial situations, and the critical importance of generational wealth transfer are driving the need for sophisticated, tailored guidance for our UHNW clients,” Romano said.
This initiative demonstrates Merrill’s commitment to equipping its advisors with the tools and expertise necessary to meet the evolving demands of wealthy clients, Partridge added.
