Merrill Rolls Out New Unit to Focus on UHNW Clients
Merrill Lynch Wealth Management has unveiled a division that provides wealth and investing solutions for advisors catering to ultra-high-net-worth clients.
The Ultra-High-Net-Worth Advisory Group consists of more than two dozen Merrill specialists who will collaborate with advisors to tailor clients’ portfolios via bespoke asset allocation, multi-asset portfolio development, selection of traditional and alternative investment managers, and various other investment solutions.
The specialists will also serve as a single point of contact for advisors to discern additional options inside Merrill and its parent company Bank of America’s business lines, including custom financing, trust and estate services, philanthropy, art services, and family office solutions, according to Merrill.
The unit will be led by Rob Romano, Merrill’s head of capital markets investor solutions. “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,” Romano said in the announcement.