Merrill Lynch Int’l Lifer Jumps to Raymond James
Another casualty of Merrill Lynch’s decision to raise account minimums for U.S.-based advisors working with foreign clients has jumped ship in search of a friendlier home.
Eugenio Arango, a 22-year Merrill veteran in Coral Gables, Fla., registered in late January to work at Raymond James’ employee channel, according to Finra records.
Arango formerly managed some $400 million in assets and produced around $1 million, according to an estimate from an assistant. Spokeswomen for Raymond James and Bank of America, Merrill Lynch’s parent, declined to confirm the numbers.
Since Merrill in July tightened its marketing to international clients, readers have expressed concerns to us about starting to feel that Bank of America is treating them like “delinquent school children.” Merrill has consolidated international clients among a core group of specialized brokers in the U.S., retroactively raised the account minimum for existing international accounts to $1 million and lifted the minimum to $2.5 million for new accounts.
Merrill is among a number of firms that have pulled back from serving international markets, including RBC Wealth Management.
As a result, brokers with non-U.S. clientele have been decamping to more welcoming, if much smaller, homes. A $300 million team at Merrill, for example, landed last fall at independent broker-dealer Bolton Global Capital.