Bloomberg Wealth: Merrill Lynch Ramps Up Wealth Unit as Rich Clients Flock to Florida (February 25, 2021)

Lananh Nguyen of Bloomberg News has made available for download her article, “Merrill Lynch Ramps Up Wealth Unit as Rich Clients Flock to Florida,” which discusses that despite the pandemic, Florida’s wealth-planning institutions, like Merrill Lynch, are still attracting many wealthy clients. The article starts as follows: 

Bank of America Corp.’s wealthiest clients are flying south to Florida. It’s meeting them there. Merrill Lynch Wealth Management President Andy Sieg said the unit is intensifying its focus on the Sunshine State.
The firm has 20 teams that cater to ultra-high-net-worth individuals there, and plans to double that over the next few years, to serve investors with more than $10 million to invest. The move reflects a broader expansion: Merrill added more than 9,300 new clients in Florida during the past four years, accounting for about 10% of net new household growth nationwide. Bank of America Private Bank added 123 households last year, a 60% jump from 2017.

To see the full article, click here: “Merrill Lynch Ramps Up Wealth Unit as Rich Clients Flock to Florida”

Posted by Jessica Ji, Associate Editor, Wealth Strategies Journal.

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