Merrill Lynch is expanding its commitment to helping advisors serve ultra-high-net-worth (UHNW) clients—an increasingly vital segment for Bank of America’s wealth management business. The firm has introduced a specialized Ultra-High-Net-Worth Advisory Group composed of more than two dozen experts tasked with providing tailored support to advisors working with affluent families and individuals.
This dedicated team is designed to streamline access to Bank of America’s broader suite of services, including custom lending solutions, family office support, and bespoke investment strategies. By acting as a single point of contact, these specialists aim to enhance the client experience and empower advisors to deliver more comprehensive wealth management services.
Rob Romano, formerly head of capital markets investor solutions at Merrill, has been appointed to lead this initiative. Romano reports to Brian Partridge, head of the investment strategy group, who oversees a broader team responsible for delivering education, investment strategies, and implementation insights to advisors within Merrill and Bank of America Private Bank.
The move underscores Merrill’s renewed emphasis on strengthening its UHNW services. The firm’s leadership recognizes the growing complexities faced by ultrawealthy clients, including rapid wealth accumulation, complex financial structures, and the growing importance of intergenerational wealth transfer. Romano highlighted that these dynamics necessitate a higher level of advisory expertise. “The pace of wealth creation, combined with the complexities of family dynamics and legacy planning, has heightened the need for sophisticated guidance for UHNW clients,” he explained.
This initiative is also part of a broader effort to foster collaboration across Bank of America’s divisions. By breaking down internal silos and improving the connectivity between wealth management, private banking, and lending services, Merrill aims to offer a seamless, holistic client experience.
Partridge emphasized that the formation of this specialized group reflects Merrill’s commitment to supporting its advisors. “Our goal is to ensure that advisors have the resources, insights, and collaborative support they need to help their clients achieve meaningful outcomes,” he noted.
Wealth advisors and RIAs servicing UHNW clients should take note of this strategic shift, as it signals broader industry trends that highlight the growing importance of specialization and integrated service delivery. The evolving needs of this demographic—such as complex tax mitigation strategies, multi-generational estate planning, and tailored credit solutions—necessitate a level of expertise that extends beyond traditional portfolio management.
Advisors looking to strengthen their UHNW client relationships should focus on aligning their service models with client priorities, particularly in areas like legacy planning, philanthropic giving, and bespoke investment solutions. Merrill’s approach provides a useful blueprint for advisors aiming to differentiate themselves in this competitive space.
One key takeaway from Merrill’s initiative is the importance of leveraging institutional resources to provide clients with an elevated level of service. For example, custom lending solutions, such as credit facilities backed by investment portfolios, have become increasingly valuable tools for UHNW clients seeking liquidity without disrupting their investment strategies. Similarly, family office services that include trust administration, tax coordination, and legacy management are critical value-adds that deepen client relationships.
Additionally, the demand for strategic philanthropic advising continues to grow among UHNW clients. As wealth transfer across generations accelerates, many clients are seeking to align their financial legacy with personal values. Advisors who can facilitate charitable giving strategies, donor-advised funds, and private foundations stand to become trusted partners in their clients' wealth journeys.
Merrill’s efforts to consolidate expertise and provide a singular point of contact reflect a broader industry need for streamlined service models that simplify complex financial landscapes for UHNW clients. By integrating lending, investment strategies, and wealth structuring within one cohesive framework, advisors can help clients navigate both opportunities and challenges with confidence.
Moreover, this approach underscores the value of proactive, ongoing communication. Clients in the UHNW category often require frequent updates and tailored advice, particularly during periods of market volatility or regulatory change. Advisors can strengthen trust by offering personalized insights and demonstrating an in-depth understanding of their clients’ evolving needs.
For advisors and RIAs outside the Merrill framework, the rise of ultra-high-net-worth advisory teams offers a reminder of the importance of building collaborative networks. Independent advisors, for instance, may consider forming strategic partnerships with specialized service providers to enhance their own capabilities. Access to expertise in areas like estate planning, private investments, and international wealth management can significantly bolster the service offering for UHNW clients.
Another lesson from Merrill’s strategy is the emphasis on advisor education and support. Training initiatives that focus on advanced planning strategies, alternative investments, and tax-efficient wealth transfer can equip advisors with the knowledge needed to anticipate and address client concerns. Staying informed about industry innovations—such as new lending structures or changes in tax legislation—can further strengthen an advisor’s value proposition.
Ultimately, the establishment of Merrill’s Ultra-High-Net-Worth Advisory Group represents a broader shift within the industry toward more personalized, integrated service models. As UHNW clients seek more bespoke solutions to manage their growing wealth, advisors must be prepared to adapt by expanding their expertise, building robust support networks, and enhancing their service delivery.
By focusing on client-centric strategies and leveraging the right resources, advisors can position themselves as indispensable partners in their clients' wealth journeys—helping them achieve not only financial success but also long-lasting legacies.
