The expansion in the number of UHNW individuals using the firm's services means that the full capabilities of the Bank of America group need to be put at advisors' disposal, the unit's head tells this news service.

Earlier this week, Merrill Wealth Management launched its new UHNW Advisory Group – aiming to tap into the fast growth of ultra-high net worth clients at the firm and the consequent need to ensure that they are fully served, the group’s leader says. 

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.

“The ultra-high net worth client segment is growing at a rapid clip and there has been tremendous wealth creation in recent years,” Rob  Romano, head of capital markets investor solutions for Merrill Wealth Management, told Family Wealth Report in a call. “Lots of new relationships have been established. We want to make sure our advisors have the resources and support to efficiently serve these families.”

The rollout of this service shows how firms such as Merrill need to ensure that service capabilities keep pace with the onboarding of new clients.

UHNW individuals are served across the various wealth channels of BoA; inclusive of both the private bank and Merrill. The point of the new offering is to efficiently deliver the expertise and capabilities of the bank to Merrill financial advisors and their UHNW clients, Romano said.

Family Wealth Report asked whether it is adding new staff to support the unit. 

Most of the unit is being staffed internally from existing Bank of America staff. “There will be some select hiring for a few open roles,” Romano said. 

“Bank of America has a tremendous depth of product and platforms geared to UHNW clients. The team is about helping advisors bring these [services] at the right time, at the right place and in the right circumstances,” he said. “Many advisors have great expertise and knowledge – we want to complement that.”

As separately reported this week, parent firm Bank of America said its global wealth and investment management arm logged a year-on-year gain in net income at $1.171 billion in the fourth quarter of 2024, driven by a rise in net revenue to $6 billion from $5.23 billion a year earlier.

(Editor's note: It will be interesting to see how this new unit aids Merrill in competing against the likes of Morgan Stanley (which has its private wealth management arm) and UBS, in capturing the UHNW client segment and gaining more revenue from this population group.)