Merrill Lynch, Financial institution of America's wealth administration enterprise, mentioned Friday it appointed a brand new chief liable for greater than 100 branches and hundreds of its advisors.
Carole Wentz, who has been an worker at Merrill Lynch for 24 years, was lately named the brand new government of the agency's Texas Mountain South division. Previous to her new function, Wentz was the market government for Better Orange County, Calif.
She changed Vince Feritta, a 22-year worker who stepped down from the place in February to discover different alternatives throughout the firm, an individual aware of the modifications instructed WealthManagement.com.
Wentz is now one of many highest-ranking workers of the brokerage that oversees greater than $2.2 trillion in consumer belongings. She is considered one of solely six division executives (two of that are ladies) that report on to Andy Sieg, the top of Merrill Lynch Wealth Administration. The six division executives talk with Sieg on nearly a day by day foundation, in keeping with an individual aware of the function.
The Texas Mountain South division that Wentz is answerable for consists of six states – Arizona, Colorado, Missouri, New Mexico, Oklahoma and Texas – in addition to 17 markets, 103 Merrill Lynch Wealth Administration workplaces and greater than three,300 advisors.
Regardless of market headwinds, Merrill Lynch is succeeding in incentivizing its advisors to seek out new shoppers, and the Thundering Herd delivered final 12 months, serving to Financial institution of America's wealth supervisor obtain report income in 2018. Full-year income at Merrill Lynch rose to a report $15.9 billion in 2018, up $607 million or four p.c 12 months over 12 months. The brokerage unit accounted for almost all of the $19.three billion in income generated by the financial institution's World Wealth and Funding Administration division.
Along with report income, wealth administration's profitability additionally inched increased in 2018. GWIM's pretax margin eclipsed 29 p.c for the fourth quarter and completed at 28.three p.c for the 12 months, up from 26.eight p.c in 2017.
Sieg, in an unique interview with WealthManagement.com, mentioned he sees Merrill Lynch shifting towards a much more built-in method to banking and wealth administration as boundaries between items of Financial institution of America fall. The aim is to ship a one-stop-shop of economic providers for all shoppers, from banking to funding administration to monetary planning, he mentioned.
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