Merrill names new personal wealth head in wake of Sieg's exit

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

The Wall Road establishment has promoted Greg McGauley to exchange 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 adjustments are efficient instantly, a Merrill spokesman mentioned in an e-mail Friday. The wirehouse introduced the information on Friday internally to staff.

The adjustments contain promotions that substitute 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 also help it make up for heavy losses of skilled advisors — and supporting aggressive natural development. 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 development and ship for our purchasers, advisors, and companions,” Hans and Schimpf mentioned in a joint assertion Friday, including that the brand new leaders had sturdy expertise “in discipline management, serving purchasers and main our development and advisor coaching applications.”

Learn extra: Sieg’s transfer may foreshadow large adjustments 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 any clear time but when Plaus will retire. “Don Plaus and Greg will transition over the approaching weeks,” the agency mentioned in an e-mail.

Outgoing chief working officer Kirstin Hill additionally plans to retire sooner or later this month.

Brian Ludwick, Pacific Coast Division Government at Merrill.

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

Erik Vatter, the pinnacle of Advisor Growth at Merrill.

Financial institution of America

Vatter has served “in quite a lot of management roles, together with Resident Director, Market Government, and nationwide roles targeted on advisor improvement, recruitment and our Resident Director technique,” the agency mentioned in an e-mail. Vatter may even lead the Market Government 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 mentioned.

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

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

Lastly, Kenneth “Ken” Correa is “taking up an expanded position as Head of Enterprise and Shopper Growth,” the agency mentioned.

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

He may even “lead our enterprise improvement and consumer development technique and can associate with our services management groups to drive seamless integration and discipline adoption throughout Merrill,” the agency mentioned.

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