Merrill Lynch WM Overhauls Senior Roles, Restructures Divisional Line-Up

Tom Burroughes

30 March 2017

Merrill Lynch Wealth Management has made a raft of changes to its senior management amid a restructuring, including promotions for two executives, according to a memo seen by this publication.

The memo, sent to staff by Andy Sieg, the head of Merrill Lynch Wealth Management, announced the following divisional line-up, with six regional units: Northeast, Bill Lorenz; Mid-Atlantic, Lindsay DeNardo Hans; Southeast, Eric Schimpf; Midwest, Paul Lambert; Texas Mountain South, Vince Fertitta, West, Jeff Markham. Two of these figures, Lindsay DeNardo Hans and Vince Fertitta, were promoted, the memo said. Hans was previously market executive of the Philadelphia metro area Fertitta previously was executive at the brokerage’s “Lone Star” market.

Separately, Don Plaus, previously DE for the Southeast), and Ben Prince moves to a new assignment in the coming weeks and Tom Fickinger is considering new opportunities within the company, the memo said. Jim Dickson is leaving the firm to pursue other opportunities.

Sieg said he has created a market executive strategy council, made up of a nationally representative group. He said five new roles are being created in the home office, reporting to him. Each of them will be given the task of boosting growth, making the organization more effective and integrating business development activities within Bank of America.

Within the Private Banking & Investment Group and International segment, the memo said that Don Plaus will lead PBIG. Plaus also assumes responsibility for its international business.
In the Community Markets area, Ben Prince will take on a leadership role to develop a strategy focused on community markets, the memo said.

Mike Adornetto meanwhile, returns as chief operating officer of Merrill Lynch Wealth Management. He has recently been a leader in the Consumer Bank and Global Banking and Markets operations. He has been given overall responsibility for the firm’s client associates, a group comprising 6,500 people. Adornetto is also responsible for the FA desktop, client online and mobile strategy.