Top-Level Changes At Merrill Private Wealth Management

Editorial Staff

28 February 2023

Merrill Private Wealth Management, part of Bank of America, has announced a successor to Don Plaus, a senior executive who recently decided to retire after 32 years at the firm. Lindsay Hans will succeed Plaus as private wealth management head for international, and institutional business.

Hans has led its Northeast and Mid-Atlantic divisions over the last six years. In her new role, Hans will continue to serve as a member of the Bank of America Global Diversity and Inclusion Council and as a National Executive sponsor of the Merrill Women’s Exchange.

Separately, Keith Glenfield will become Merrill’s Northeast division executive, succeeding Hans. Prior to this appointment, Glenfield was head of investment solutions and personal retirement. He joined the firm 27 years ago. In addition to the division executive role, Glenfield will also have responsibility for business integration across Merrill.

Nancy Fahmy will expand her leadership responsibilities and become the sole head of Merrill’s investment solutions group. Most recently, Fahmy led its alternative investments area. She is also on the board of The Institute for Portfolio Alternatives.

The group reiterated that last year, Merrill Wealth Management chalked up a record full year revenue of $18.1 billion, adding 25,000 net new households in 2022, with a fourth-quarter record figure of 8,500, rising 27 per cent year-on-year.

Bank of America concluded 2022 with 19,273 advisors across the wealth continuum – a gain of 400 advisors, quarter-over-quarter, and up 800 since the middle of last year.

Within Merrill Private Wealth Management, the group has, over the past five years, seen client numbers rise 30 per cent; client balances have risen 46 per cent.