Is Merrill Lynch going the way of Smith Barney?
Not quite. Bank of America, which bought the wirehouse during the financial crisis, is rebranding its wealth management operations and dropping the Lynch part of the name in some cases,
“Merrill” will serve as the name for the company’s wealth management offerings, encompassing its self-directed offering (Merrill Edge), robo advisor (Merrill Guided Investing), its wirehouse channel (Merrill Lynch Wealth Management) and its elite unit serving the ultrawealthy (now renamed Merrill Private Wealth Management, formerly Merrill Lynch Private Banking & Investment Group).
The bank also rechristened its U.S. Trust business to Bank of America Private Bank.
The changes were first reported by
But while some things have changed, others have not. Financial advisors can still say they work at Merrill Lynch. The firm’s iconic bull logo also remains.
CEO Ron Kruszewski received praise for leading the firm's wealth management unit to a record for revenue, despite costly legal setbacks.
As Vice President, Underwriting Research and Development, Jackie Waas is involved in investigating and developing underwriting innovations, with an emphasis on concept development, research, presenting new ideas, and participating in concept validation activities.
She started her career with RGA in 2018 as Director of Underwriting Services, where she supported direct-to-consumer accelerated offerings, including assisting with the auditing of the e-underwriting program and helping develop digital health scores while supporting the Digital Health Data team.
Prior to joining RGA, Jackie was an Underwriting Business Consultant and automated underwriting systems subject matter expert with Legal & General America for four years after working in an underwriting capacity with the company for nine years. She also had five years of underwriting experience with AXA Equitable and formerly worked as a marketing manager for Steele Rubber Products.
Jackie received a Bachelor of Arts with a major in communications and a minor in psychology from Lenoir-Rhyne University in North Carolina. She is a Certified Fellow of the Academy of Life Underwriting, a Fellow of the Life Management Institute, and a Fellow of the Financial Services Institute. She is also an Associate, Reinsurance Administration; Associate, Insurance Agency Administration; and an Associate, Insurance Regulatory Compliance. Jackie also holds the Professional, Customer Service Institute designation, and she is a member of the Association of Home Office Underwriters.
Guizhou Hu is Vice President, VP, Head of Risk Analytics at RGA, where he supports global RGA underwriting initiatives and produces internal and external thought leadership pieces based on RGA's in-depth risk analytics. Before joining RGA in 2018, Guizhou served as Vice President, Chief Decision Analytics, for Gen Re and as a Senior Vice President for BioSignia Inc. Guizhou holds a medical degree from Beijing Medical University and a Ph.D. in Philosophy from Cornell University.
Still, the rebranding may rub some advisors the wrong way. A recently retired Merrill Lynch advisor who asked not to be named lamented its diminution. “Old names fade away.”
Steve Dudash, a former Merrill Lynch advisor who now runs an independent practice, says it's the continuation of Bank of America's takeover of Merrill Lynch.
"Maybe at one point of time Merrill was thought of as a separate entity, but as time goes on they want it to be one big happy family. If I was still a Merrill Lynch advisor, it’s just another sign of where the company is going," the Chicago-based advisor says.
Dudash, noting the disappearance of U.S. Trust, asks "How long before the Merrill part is gone?"
Of course, many banks have altered or abolished names following acquisitions. Iconic brands that ended up in the dustbin of history include Smith Barney, A.G. Edwards and PaineWebber.
Alex. Brown is the rare brand that was resurrected. Deutsche Bank bought the investment and wealth management company in 1999. It later sold the private client group to Raymond James
But whether advisors make career changes based on rebranding and market efforts is debatable. There have been much more substantive changes at Bank of America’s Merrill Lynch unit, from compensation plan tweaks, cross-selling initiatives, renewed emphasis on goals-based planning, and technology updates.
