Deals and People

Retirement Industry People Moves

The Standard hires VP for retirement business; PSCA's executive director stepping down; USI Consulting Group Hires assistant vice president for Retirement Services; and more.

By Javier Simon | October 07, 2016
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Bank of America Announces New Head of Merrill Lynch Wealth Management

Andy Sieg, current head of the Global Wealth and Retirement Solutions (GWRS) division at Merrill Lynch, will take over as the company’s head of Wealth Management, effective January 1, 2017, Bank of America announced.

He will be succeeding John Thiel, who will take on the role of vice chairman of Global Wealth and Investment Management (GWIM) on the same date.

For the past five years, Sieg has led the firm’s retirement investment unit, which is comprised of the GWIM division’s product organization and retirement business. During that time, he worked with Thiel in the implementation of goals-based wealth management. Sieg was also instrumental in the firm’s development of a unified investment platform. He also currently manages the GWIM Chief Investment Office team together with Keith Banks, president of U.S. Trust.

“Andy Sieg has more than 20 years of experience at Merrill Lynch and has proven to be both a dynamic leader and accomplished at strategy execution,” says Bank of America Vice Chairman Terry Laughlin. “Under Andy’s leadership, we’ll continue to implement our goals-based advice model. He is ideally suited to lead Merrill Lynch on the next phase of its journey.”

As vice chairman of GWIM, Thiel will advise Laughlin, as well as the GWIM and Bank of America leadership teams on business integration, goals-based wealth management, and regulatory matters.

Thiel took on the role in 2011 when he was named as Lyle LaMothe’s replacement.

"Since 2011, under John Thiel’s leadership, Merrill Lynch has made tremendous progress by developing and beginning to implement goals-based wealth management,” said Laughlin.

He added, “Recognizing that our strategy has been proven and is now being implemented, John came to me and indicated he was thinking about his future and his desire to connect to the other passions in his life, particularly his commitment to working with organizations that help people who are less fortunate. As he considers how he can make his next important contribution, I’m very happy that he’ll be an important adviser to me, the Bank of America and GWIM management teams, and our advisers.”

Sieg first joined Merrill Lynch as an analyst in the Global Wealth Management business. He served in senior strategy and field leadership roles during the next 13 years, including as a market executive in San Diego and New York City. Sieg also led the Emerging Affluent Client Segment within Citigroup Global Wealth Management from 2005 to 2009.

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