September 29, 2023


Learn Business From Experience

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

3 min read

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 exchange Don Plaus as the top of its Personal Wealth Administration, Worldwide and Institutional enterprise, and moved different executives into key roles. 

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

The adjustments 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 path going ahead post-Sieg: extra integration with father or mother 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 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 robust expertise “in area management, serving shoppers and main our development and advisor coaching packages.” 

Learn extra: Sieg’s transfer might foreshadow massive adjustments at each Merrill and Citi

McGauley, the previous chief of the Northeast Area of Merrill Personal 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 is no such thing as 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 Improvement. Beforehand, Ludwick had been the Houston Market Govt since 2021.

Erik Vatter, the top of Advisor Improvement at Merrill.

Financial institution of America

Vatter has served “in quite a lot of management roles, together with Resident Director, Market Govt, and nationwide roles centered on advisor growth, 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 accountability, the agency stated. 

“Lydia will even lead work to boost 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 Shopper Investments and Enterprise Licensing and Skilled Designations. 

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

Financial institution of America

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, High Advisor Recognition Applications and the Nationwide Resident Director Technique, amongst different duties.

He will even “lead our enterprise growth and consumer development technique and can accomplice 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.

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