The creation of this group shows how the UHNW client segment remains a key field for wealth managers in North America.

Merrill Wealth Management, part of Bank of America, has launched its UHNW Advisory Group, a team of specialists who will partner with advisors.

The group will deliver wealth and investment solutions to UHNW clients and connect them to Bank of America’s capabilities.

This unit will help advisors deliver personalized portfolios through custom asset allocation, multi-asset portfolio construction, traditional and alternative investment manager selection, and other solutions, Merrill said in a recent statement. 

The specialists will also serve as a single point of contact for advisors to identify opportunities and harness areas such as Bank of America’s custom lending, Bank of America Private Bank’s trust and estate services, philanthropy, art services, family office solutions and more.

As part of the launch, Rob Romano, head of capital markets investor solutions for Merrill, will lead the group and report to Brian Partridge, head of investment solutions group specialists.

“Rapid wealth creation, more intricate financial situations and the importance of generational wealth transfer is creating a need for more advanced guidance for our UHNW clients’ wealth management needs,” Romano said. 

As reported in October 2024, Merrill Wealth Management AuM balances were $1.5 trillion, 4,700 net new households came on board, and client balances hit a $3.5 trillion record at the end of September.

(This news service has contacted Merrill for more detail on how this group sits within the broader BoA business organization, and intends to update in due course.)