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What Andy Sieg exit means for advisors at Merrill and Citi
The unexpected departure of Merrill Prosperity Management’s president, Andy Sieg, final 7 days for Citigroup offers Merrill advisors an opening to hope for modifications they experienced extended requested for underneath their former leader, market recruiters and consultants advised Monetary Scheduling. But individuals hopes are likely to be quick-lived, as the significantly less-knowledgeable leaders replacing Sieg facial area an uphill battle to improve morale at a firm that is routinely bled leading talent to competitors. “You can find heading to be a wait-and-see that’s likely to very last 60, 90 days,” Phil Waxelbaum, an industry recruiter who is the founder and principal at Masada Consulting, mentioned in an interview, referring to…
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How Merrill lost a $1.5B advisor team to Sanctuary
The Chappell Wealth Management group. (L to R): Brianna Warren, Spencer D. Carlson, Brent R. Chappell, Brad C. Chappell, Michael W. Mills, Chel Larkin and Jaymie Wendt. Sanctuary Wealth When Brent and Brad Chappell were planning to leave Merrill over a year ago, a consultant referred them to an old family friend: Vince Fertitta, the president of Sanctuary Wealth. “I’ve known them and I’ve known their dad for almost 20 years,” Fertitta said in an interview. Feritta is a former Merrill veteran executive himself, and he had fond memories of the Chappells’ father Rob, who retired as an advisor from Merrill after working there for decades. At that point, the…
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Merrill Private Wealth head to retire, led Florida boom
Donald “Don” Plaus, a veteran Merrill executive who led the Wall Street firm’s efforts to serve ultrahigh net worth clients and oversaw its private wealth expansion in Florida during the COVID-19 pandemic, is retiring. Plaus will “continue in his role through March 31 and help to finalize plans for his transition,” a company spokesperson confirmed in an email. Plaus went from delivering newspapers and working in restaurants as a young man to running a top-tier wealth shop catering to some of the world’s richest families. He spent more than 32 years at Merrill, Andy Sieg, the president of Merrill Wealth Management, said in a statement. Don Plaus, the outgoing head…
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Why Merrill won’t offer financial advisors independent model
EDITORS’ DecideComplimentary entry to top concepts and insights — curated by our editors. Andy Sieg, the president of Merrill Lynch Wealth Management. Merrill Lynch will not offer you a way for monetary advisors to independently affiliate with the Wall Avenue huge, even as market competitors are opening up that small business design, Merrill’s prosperity management head claimed Thursday. Andy Sieg, the president of Merrill Lynch Prosperity Administration and a member of guardian Bank of America’s government management workforce, spoke about his options for the future 10 a long time and the method powering his expertise and technologies selections in a wide-ranging podcast with Diamond Consultants, a wealth administration recruiting firm.…
