Merrill Adds $3.5B Team in Florida

An advisor team managing $3.5 billion in client assets has joined the Merrill Private Wealth Management division from J.P. Morgan Wealth Management, Bank of America said Friday.

From 2020 to 2023, the 12-person team worked for First Republic Bank, which was acquired by JPMorgan in May. The team joined First Republic in early 2020 after a long stint at J.P. Morgan Securities.

The Palm Beach Gardens, Florida-based group focuses on ultra-high-net-worth and high-net-worth clients and includes two senior financial advisors: Salvatore Tiano, who started in the industry in 1989 and joined JPMorgan in 1991, and John Smyth, who began his career in 1994 and moved to JPMorgan in 2010, according to FINRA Brokercheck.

The team also has four wealth managers — Greg Saville, Daniel Tumba, Justin Makso and Jason O’Brien — and six client associates, who are Kristin Kochanski, Danielle Rojas, Elena Saveleva, Lina Hued, Hannah Foster and Lou Ventura.

On Tuesday, Bank of America said its Global Wealth and Investment Management unit grew first-quarter revenue by 5% year over year to $5.6 billion, while its profits jumped 10% to $1 billion.