Merrill Lynch Global Wealth Management (MLGWM) Australia is looking to rebuild its private client adviser ranks after undergoing a restructure.
The group was aiming to hire another 15 private client advisers in the next three to six months and was specifically looking to expand its operations in Melbourne, MLGWM Australia and New Zealand managing director Chris Selby said.
After a period of consolidation, which involved the amicable departure of several private client advisers, Selby said MLGWM had a clear picture of the strengths that clients want Merrill Lynch to offer.
“Wealth advisory for MLGWM is really about providing relevant strategic asset allocation strategies,” he said.
“It is important that our advisers can offer these kinds of strategies and are not too narrowly focussed on securities execution, deposits and loans.
“We are also closing down the boundaries between our institutional and wealth advisory business. For instance, our private client advisers and investment bankers are working together on introducing each other to transactions such as families selling their businesses.”
Advisers must be able to fully appreciate the value of fixed income versus equities versus funds, Selby said.
The ideal number of advisers for MLGWM was 40-50, Selby said. MLGWM’s current headcount sits at around 30.
The firm had also made a structural business change by using Praemium’s portfolio administration services.
“This will provide the first truly comprehensive tax reporting for clients with various assets in multiple currencies,” Selby said.
In addition, MLGWM has incorporated BT Wrap into its business.
Merrill Lynch had also beefed up other parts of its business, adding over 30 people in the past few months, Selby said.
Recent hires included 10 members of the property investment banking team from UBS and two members of the power and utilities investment banking team.
