Merrill names new non-public 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 Avenue establishment has promoted Greg McGauley to switch Don Plaus as the top 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 staff. 

The modifications contain promotions that exchange 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 course going ahead post-Sieg: extra integration with mother or father firm Financial institution of America, increasing the Advisor Development Program to coach entry-level advisors — which might 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 shoppers, 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 shoppers and main our development and advisor coaching packages.” 

Learn extra: Sieg’s transfer might 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. 

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

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 stated in an e-mail. Vatter will even lead the Market Government Management Academy and Observe Administration Group. 

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 reinforce how we ship our banking capabilities to Merrill shoppers 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. 

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

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

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

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