Merrill is intensifying its focus on Florida

Merrill, Bank of America’s wealth management arm, is putting its resources where its customers are. The firm has 20 teams catering to ultra-high-net-worth individuals in Florida – those with at least $10M to invest – and plans to double that over the next few years.

Why should we care?
As wealth management moves in digital directions, large firms are differentiating with human advice, particularly for high-net-worth clients whose needs are typically more sophisticated than the average retail investor. Florida has seen a migration of wealthy investors and a growing number of financial firms are considering bolstering their presence there. “There is a pandemic-driven element — just as there are increased opportunities and acceptance of remote work,” said Merrill Lynch Wealth Management President Andy Sieg. The firm has been holding virtual events featuring chefs, sommeliers, and other guest speakers to cater to this coveted demographic. Merrill added more than 9,300 new clients in Florida during the past four years. The firm has 1,300 financial advisors in Florida.