Merrill names new private wealth head, shuffles execs

Merrill names new private wealth head, shuffles execs

Chris Ratcliffe/Bloomberg

Merrill Wealth Management has named Lindsay Hans as the new head of its Private Prosperity Administration, international and institutional teams subsequent its announcement previous week that Don Plaus would retire from the function. 

Hans was beforehand the division govt for the Northeast division at Merrill. Her position will be changed by Keith Glenfield, who was the head of Expense Remedies & Personal Retirement at Merrill. Glenfield’s role in turn will be stuffed in by Nancy Fahmy, who was the head of alternative investments and specialty asset management. Fahmy will retain her previous situation, but her new title will be head of Financial investment Remedies. 

The changes are helpful right away, a corporation spokesperson stated in an e-mail Monday. 

“Lindsay, Keith and Nancy are major-accomplishing leaders who will continue to progress our modern-day Merrill approach in these expanded roles,” Andy Sieg, the president of Merrill Wealth Administration, claimed in a statement. “Their leadership, information and strong interactions across Bank of The united states and the broader sector will assistance us push responsible expansion and provide for our consumers, advisors and partners.”

Lindsay Hans, the new head of non-public prosperity management global and institutional teams at Merrill Prosperity Administration.

Lender of The us

At Merrill, the personal wealth management device caters to shoppers who usually have at the very least $10 million of investable belongings — the ultrahigh internet worth, in most instances. A staff of 200 advisor groups, with each other with experts in matters such as portfolio administration, concentrated stock administration and estate scheduling, supports these clientele.

In a 2021 online video clip job interview, outgoing personal prosperity head Don Plaus shared that at the time, he experienced all around 400 advisors in the private wealth workforce. Questioned in email messages to confirm current advisor headcount for the division, Merrill declined to do so. 

The small business grew noticeably below Plaus’s leadership given that 2017. Its whole quantity of clients grew over 30% and customer balances grew 46% in the course of that time, the organization stated. 

In Florida, an region of unique concentrate for the company as the quantity of ultrarich men and women decamping from New York to the Sunshine Point out carries on to grow, Merrill Non-public Prosperity Administration doubled its headcount of advisors serving ultrahigh net worth purchasers in Florida from 20 in 2021 to additional than 40 in 2023. . 

Hans previously served as division govt for the Mid-Atlantic division and was also a industry government foremost the Philadelphia Metro Elaborate, according to her LinkedIn profile. In her new job, she will continue to be a member of the Lender of The united states World Diversity and Inclusion Council and as a national government sponsor of the Merrill Women’s Trade.

Glenfield will be primary company integration across Merrill, the company spokesperson claimed. He is also the chair of the board of governors for the Cash Administration Institute.

Fahmy is on the board of The Institute for Portfolio Alternate options. She also serves on the Confined Spouse Advisory Council for Sponsors for Educational Chance and is a member of the Women’s Management Council. 

“About the previous 5 a long time, substitute expense belongings at the agency have doubled and the number of advisors who make the most of AI alternatives has enhanced by 33%,” the corporation spokesperson said in an e-mail, referencing the alternatives unit beneath Fahmy. It included that she experienced led that unit to file expansion. 

The corporation declined to make executives obtainable for interviews.