John Thiel, head of Bank of America Merrill Lynch Wealth Management (BAC), has announced two leadership changes to the organization, which includes some 14,500 advisors.
Late Tuesday, the group tapped Sabina McCarthy to assume the new role of vice chairwoman. This means she will give up her post as division executive for the New York metropolitan area, and Jeffrey Tucker will succeed in that position.
During her career at Merrill Lynch, McCarthy has worked as a financial advisor, regional managing director and division executive.
“As vice chairman, she will continue to be a key member of our leadership team, focusing on furthering client relationships and acting as a liaison for new and prospective clients, in particular driving collaboration by making connections to the breadth of Bank of America’s capabilities,” Thiel explained in a memo.
Tucker is now one of 10 divisional executives “leading our business forward in delivering a consistent client experience to every client,” according to Thiel.
Tucker got started in the business in 1997. He currently serves as market executive for the Fifth Avenue Financial Center, where he oversees 200 financial advisors and more than $35 billion in client balances.
“Jeffrey has been a highly successful leader bringing his varied experiences as a financial advisor, sales manager, training manager and market executive for one of our largest markets. A replacement for Jeffrey will be named at a later date,” Thiel said.
The Merrill Lynch group of advisors includes 14,533 registered reps as of Dec. 31, up 448 from a year ago but down 30 from the prior quarter.
On average, the advisors have annual fees and commissions of $990,000; however, veteran advisors’ average productivity is $1.3 million. With total assets of about $2 trillion, Merrill FAs have about $138 million in assets under management per rep.
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