Andy Sieg, who has served as head of Merrill Lynch Wealth Management for the last six years, is leaving the wirehouse, Bank of America announced Thursday afternoon. Sieg will join Citigroup later this year to run its wealth management division, reporting to CEO Jane Fraser, according to Bloomberg.
BofA has named Lindsay Hans and Eric Schimpf to replace Sieg as presidents and co-heads of Merrill, reporting to Bank of America Chair and CEO Brian Moynihan.
In its announcement, BofA gave no reason for Sieg’s departure, saying he led “the business through a period of sustained growth and modernization of technology for advisors and clients.”
Most recently, Schimpf, who started at Merrill in 1994 as a financial advisor, was serving as a division executive for the Pacific Coast and co-head of the enterprise advisor development program.
Together, Hans and Schimpf will oversee Merrill’s 25,000 employees and $2.8 trillion in client assets.
Image provided by Merrill Lynch
The personnel shifts come after Merrill Wealth reported it boosted its advisor head count year over year across all of its wealth management businesses, according to its Q4 2022 earnings report. During the earnings call in January, Sieg predicted the firm would continue to see 3% to 4% average advisor growth per year over the next decade.
Merrill has gone through significant change over the last several years, from being acquired by Bank of America during the 2008 financial crisis to pumping the brakes on recruiting experienced advisors.
The firm returned to recruiting veteran advisors, although Sieg said he would not get into bidding wars and chase advisors being wooed by outsize recruitment packages from rivals.
Sieg started out in public policy in Washington, D.C., joining Merrill in 1992. In the late 1990s, he served as assistant to Merrill’s then-CEO Dave Komansky.
“My older brother worked at Merrill Lynch, and the then-CEO was a friend of my father’s and our families, coincidentally through Penn State—Bill Schreyer,” Sieg said in a recent interview on Mindy Diamond’s podcast. “So I felt a connection to Merrill, and I was also fascinated and always have been by markets. There’s no better place to be involved in financial markets and the practical side of economics than to join Merrill Lynch.”
From 2005 to 2009, Sieg served as a senior wealth management executive at Citigroup and then returned to Merrill in 2009, after its acquisition by BofA.
Sieg returns to Citi with a mandate to build up the bank’s U.S. wealth management division, a business that Fraser has said is strategically important for the firm. Two years ago, the bank restructured its wealth unit, combining the high-net-worth private bank with advisory services for less affluent clients.
Take a look at our comprehensive guide to the best and most popular information ebooks and products available today on Detoxing, Colon Cleansing, Weight Loss and Dating and Romance. They are all in one spot, easy to find and compere to make a quick selection for the product that best fits your needs or wants.
So browse through a category and make your preferred selection and come back here to read more choice articles and get a few more helpful tips on ways to help your enhancement.
As an Amazon Associate I earn from qualifying purchases. “saubiosaubiosuccess.com is a participant in third party affiliate and advertising programs; The Amazon Services LLC Associates Program, Awin network, and other affiliate advertising programs are designed to provide a means for sites to earn advertising fees and commissions by advertising and linking to products on other sites and on Amazon.com. Amazon and the Amazon logo are trademarks of Amazon.com, Inc, or its affiliates.”
We use anonymous cookies and various 3rd-party services to optimise and to offer you a better, more personalised, browsing experience with advanced accessibility enhancements.
Dismiss
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
