to lead BofA's retirement growth initiative. Sieg was hired by Krawcheck from Citigroup Inc. In October, BofA rolled out My Retirement Income, a group of products that let customers nearing or in retirement automatically transfer funds from a Merrill Lynch cash management account into a BofA deposit account monthly or quarterly. Sieg said the company has “only scratched the surface of the referral opportunities that exist between these two businesses.”Īdding retirement assets has been a major initiative at BofA since the company hired Sallie Krawcheck in August as its head of wealth management and brokerage operations. This year the company’s global commercial bank has referred more than 2,100 clients to the Bank of America Merrill Lynch institutional retirement business, as of June 30. Bank of America Global Commercial Bank has relationships with one out of every three mid-sized businesses nationally. Sieg said he thinks there are opportunities to work more closely with small business owners. The platform allows Merrill Lynch advisors to sell recordkeeping and retirement plan administration services to small business owners. In June, Bank of America Merrill Lynch relaunched Advisor Alliance, a retirement services platform for companies with fewer than 100 employees, to attract more business from small businesses. Sieg said Linton will work with executives throughout the parent bank to cross-sell retirement solutions to its four million small business customers. He said Ulian will focus on delivering integrated benefits solutions to mid- and large market companies and Linton on smaller businesses.
They will report to Sieg, who saidt the pair will help BofA Merrill Lynch penetrate both ends of the retirement market. Before that, Ulian was a national sales manager and an operations team leader at Deutsche Bank/Scudder Investments, where he led its retirement services business.īoth will take on responsibilities that were handled by John Furlong, who left the company in January to pursue other opportunities. He was an executive vice president in sales and relationship management for Fidelity’s workplace investing group. Ulian, 46, will run Bank of America Merrill Lynch’s proprietary 401(k) platform, defined benefit plan administration, requests for proposals, pricing and underwriting, as well as equity plan services. He was an executive vice president of the advisor retirement group at Fidelity, where he held a variety of senior executive positions since he started at the Boston company in 1990. Linton, 42, will be responsible for managing Bank of America Merrill Lynch’s small business retirement solutions including its Advisor Alliance platform, which was relaunched in June, and the SEP/Simple offering, which is an IRA offering for small businesses.
“The momentum is strong and these additions will redouble momentum.” )/Rect/Subtype/FreeText/T(ksessions)/Type/Annot>
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