Bank of America Names Merrill Lynch Exec as Bank Market President in San Antonio
In a sign that Merrill Lynch and its parent company Bank of America are working ever more closely together, a Merrill Lynch executive will now also oversee the bank’s market in San Antonio, according to news reports.
Bank of America has appointed Jessica Miller as its market president for the area, which includes the firm’s Texas offices in McAllen, San Antonio and Kennedy, the San Antonio Business Journal writes. At the same time, Miller will continue in her current role as market executive for Texas at Merrill Lynch Wealth Management, according to the publication.
In her new role at Bank of America, Miller replaces Vince Fertitta, who left the role he’d held for three years to pursue other opportunities, a bank spokesman tells the San Antonio Express-News.
Miller has been with the company for 22 years in various roles, including as head of alternative investments distribution for Bank of America Private Bank and Merrill Private Wealth Management, according to the paper. She has also led specialists supporting financial advisors and ultra-wealthy clients, the San Antonio Express-News writes.
“Jessica is an experienced professional who will lead our team in delivering on our commitment to responsible growth by serving our clients and ensuring we are a great partner across San Antonio,” Bank of America CEO Brian Moynihan says in a statement cited by the paper.
Bank of America has made several key steps to bring banking and wealth management closer together over the past few months. In January, the firm started offering commission-free online trades in stocks and ETFs to clients in its loyalty program, which includes those who have accounts both with Bank of America and with Merrill Lynch.
Earlier the same month, Bank of America integrated its banking and investing apps. And last year, the bank incentivized Merrill Lynch brokers to cross-sell banking products by offering them an extra 2% for meeting certain referral and business thresholds.
Not all advisors have been happy with the strategy, however: at least one former Merrill Lynch team, which managed $1 billion, told the Wall Street Journal in March that they left because of the cross-selling pressure. Recruiters have also said that cross-selling is pushing some advisors away from wirehouses.