Andy Sieg, current head of the company’s global wealth and retirement solutions division, will succeed Thiel as head of Merrill Lynch Wealth Management. The changes are effective as of January 1, 2017.

As vice chairman of GWIM, Thiel will advise Terry Laughlin, Bank of America vice chairman and head of GWIM - as well as the Bank of America and GWIM leadership teams - on business integration, goals-based wealth management and regulatory matters.

For the past five years, Sieg has led GWRS, comprised of the GWIM division’s product organization and retirement business. During that time, he worked with Thiel in the implementation of goals-based wealth management and has overseen the strong growth of the retirement business.

The goals-based methodology used by the firm to help clients choose their investment strategy is set on three key components, namely, investment mindset, investment approach, and investment purpose, and puts a strong emphasis on the review of the strategy and adjustments as investments start reaping returns.

Sieg played a significant role in the firm’s development of a “unified investment platform”, said the bank. In addition to his leadership of GWRS, Sieg also manages the GWIM chief investment office team together with Keith Banks, president of US Trust.

"Since 2011, under John Thiel’s leadership, Merrill Lynch has made tremendous progress by developing and beginning to implement goals-based wealth management,” said Laughlin.

“Recognizing that our strategy has been proven and is now being implemented, John came to me and indicated he was thinking about his future and his desire to connect to the other passions in his life, particularly his commitment to working with organizations that help people who are less fortunate. As he considers how he can make his next important contribution,” he added.

Sieg, a twenty-year employee of the firm’s, first joined Merrill Lynch as an analyst in the Global Wealth Management business. He served in senior strategy and field leadership roles over the next 13 years, including as a market executive in San Diego and New York City. Sieg also led the Emerging Affluent Client Segment within Citigroup Global Wealth Management from 2005 to 2009.