Merrill Wealth Management announced the launch of its Ultra-High-Net-Worth (UHNW) Advisory Group, a team of more than 25 Merrill specialists who will partner with advisors to deliver comprehensive wealth and investment solutions to UHNW clients and connect them to Bank of America’s (NYSE: BAC) breadth of capabilities.
This Group will help advisors deliver personalized portfolios through custom asset allocation, multi-asset portfolio construction, traditional and alternative investment manager selection, and other “investment solutions to address clients’ unique financial circumstances.”
The specialists will aim to serve as “a single point of contact for advisors to identify opportunities” to offer the full breadth of the firm’s capabilities to address UHNW clients’ complex needs, including: Bank of America’s custom lending, Bank of America Private Bank’s trust & estate services, philanthropy, art services, family office solutions.
In addition to his role as Head of Capital Markets Investor Solutions for Merrill, Rob Romano, has been “appointed to lead the new group.”
He will report to Brian Partridge, Head of Investment Solutions Group Specialists, who oversees a multi-discipline team “providing investment education and implementation ideas to Merrill and Bank of America Private Bank advisors and clients.”
Romano remarked:
“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. Comprised of investment experts and partnering across the firm to deliver holistic guidance on the issues that matter for UHNW families, this team will be an added resource and tailored support to advisors’ and their client relationships.”
Partridge added:
“UHNW clients are an evolving and growing client base for Merrill. The establishment of a dedicated group to better support ultra-high-net-worth client engagement is the latest example of how we are supporting our advisors as they serve clients and grow their businesses.”
As covered, Bank of America is one of the world’s financial institutions, serving individual consumers, small and middle-market businesses and large corporations with “a full range of banking, investing, asset management and other financial and risk management products and services.”
The company provides convenience in the US, serving approximately 69 million consumer and small business clients “with 3,700 retail financial centers, 15,000 ATMs (automated teller machines) and digital banking with around 58 million verified digital users.”
Bank of America is a global firm focused on wealth management, corporate and investment banking and trading across “a broad range of asset classes, serving corporations, governments, institutions and individuals around the world.”
Bank of America offers support to “approximately 4 million small business households through a suite of innovative, easy-to-use online products and services.”
The company serves clients through operations “across the United States, its territories and more than 35 countries.”
The Investment Solutions Group (ISG) connects Merrill and Bank of America Private Bank advisors and clients to “a broad range of investment solution, capabilities and specialized support.”
This Group’s core offering reportedly includes the following: Merrill Lynch Investment Advisor Program (IAP), Alternative Investments, Capital Markets, Personal Retirement and Traditional Investments.