Merrill Lynch Wealth Management Revamps Market Categories
Louis Diamond Quoted
By Alyson Velati
Merrill Lynch Wealth Management is changing its regional coverage model to focus on growth potential in a move to dedicate more resources to parts of the country where new wealth is being generated.
Merrill’s 100 markets will be placed in one of three new categories including: “rapid growth markets,” “accelerated growth markets” and “growth markets”.
Market executives who have regions that fall within the more important categories will have “more firepower at [their] disposal,” says Louis Diamond, executive v.p. and senior consultant of , a recruiting firm, noting that market executives that cover areas with higher growth potential could get more resources, like a bigger recruiting budget.
“As for career trajectory, everyone wants to be in a more strategic area,” he says. “They’ll have more ability to move up the organization and more responsibility.”