Merrill Wealth Management, a division of Bank of America, has established its ultra-high-net-worth (UHNW) advisory group.
This new team comprises more than 25 specialists to support advisors in offering tailored wealth and investment solutions to UHNW clients.
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The group aims to leverage Bank of America’s capabilities to meet the complex needs of this client segment.
The UHNW Advisory Group will enable advisors to create personalised portfolios for clients through custom asset allocation and multi-asset portfolio construction.
It will also focus on traditional and alternative investment manager selection, along with other tailored investment solutions.
The specialists are set to act as a central point of contact for advisors, facilitating access to the full range of the firm’s services for UHNW clients, including custom lending, trust and estate services, philanthropy, art services, and family office solutions.
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By GlobalDataRob Romano, who also serves as the head of capital markets investor solutions at Merrill, will head the newly formed group.
Romano said: “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.
“Comprised of investment experts and partnering across the firm to deliver holistic guidance on the issues that matter for UHNW families, this team will be an added resource and tailored support to advisors’ and their client relationships.”
Romano will report to Merrill head of Investment Solutions Group Specialists Brian Partridge.
Partridge’s team is responsible for providing investment education and implementation ideas to advisors and clients of both Merrill and Bank of America Private Bank.
Partridge said: “The establishment of a dedicated group to better support ultra-high-net-worth client engagement is the latest example of how we are supporting our advisors as they serve clients and grow their businesses.”
In July 2024, Merrill and IMG Academy collaborated to offer financial education and resources to student-athletes and their families.
