In order to better address clients’ needs and reduce management layers, BofA’s Merrill Lynch wealth management executive John Thiel outlined a new structure which will include eleven new regional markets.
The decision to restructure the regions from four to eleven has been in the works for months, according to Thiel as reported to OnWallStreet’s Lorie Konish on Sept. 22.
Thiel came up through the ranks after having served as a financial advisor and the new appointments with the restructuring also come from a financial advisor background, which should be well received within the organization.
One of the primary goals is tailoring strategies to affluent, ultra high net worth and institutional clients.
Each of the eleven regions will be led by one executive that will oversee the firm’s work with these clients and who will report to Thiel who will continue to oversee the performance of both the U.S. wealth management and private banking and investment units.