(Photo: AP)
One month after the retirement of Jennifer MacPhee from her role as head of Merrill Lynch's training program for more than 3,000 financial advisors, Bank of America has tapped two co-heads for the effort across both the Consumer and Wealth Management operations, which include about 20,000 advisors. The move seems aimed at further boosting the movement of both people and products across the bank.
Meanwhile, Merrill Lynch has created the Advisory Division to focus on developing "early career advisors" within its Wealth Management business in yet another step that puts less emphasis on the recruiting of veteran advisors and more on developing talent from within the bank.
Eric Schimpf — a 26-year Merrill veteran and most recently head of the Southeast Division — is now in charge of the Advisory Division. He also will co-lead the advisor development program with Matt Gellene, head of BofA's Consumer Client Management, which has some 20 million "preferred clients."
"We're restructuring here in a pretty significant way," the firm said, adding that managers and others who'd earlier worked with MacPhee now report to Schimpf.
The news comes about six weeks after Merrill put a short-term halt to cold calling by advisor trainees in response to outreach-related violations, according to Business Insider, which obtained a copy of an internal memo written by MacPhee. Both MacPhee and Merrill have said her departure is unrelated to the violations.
On Tuesday, the firm said it intends to resume such outbound calling activity in the "not too distant future as the new team and its approach settle in."
