• Job Description

  Req#: 25014659

  Job Description:

  Merrill Wealth Management is a leading provider of comprehensive wealth management and investment products and services for individuals, companies, and institutions. Merrill Wealth Management is one of the largest businesses of its kind in the world specializing in goals-based wealth management, including planning for retirement, education, legacy, and other life goals through investment advice and guidance.

  Merrill’s Financial Advisors and Wealth Management Client Associates help clients pursue the life they envision through a personal relationship with their advisory team committed to their needs. We believe trust comes from transparency. Our trusted advisory teams are equipped with access to the investment insights of Merrill coupled with the banking convenience of Bank of America.

  At Merrill, we empower you to bring your whole self to work. We value diversity in our thoughts, business, and within our employees and clients. Our Wealth Management team represents an array of different backgrounds and bring their unique perspectives, ideas and experiences, helping to create a work community that is culture driven, resilient, results focused and effective.

  Job Description:
  The job is responsible for the administration and business development of the Merrill Family Office Services’ (MFOS) ultra-high net worth clients. Key responsibilities include managing complex and multi-tiered levels of ownership and high levels of coordination between family entities. Job expectations include being accountable for the client experience and overseeing the holistic delivery of an integrated and comprehensive package of MFOS products and services in partnership with the Merrill Financial Advisor team.

  The Relationship Manager (“RM”) will have the following primary responsibilities within Family Office Services (“FOS”), a division within Private Wealth Management of Merrill Lynch Pierce Fenner & Smith:

  • Actively perform as the lead contact and primary relationship manager for ultra-high net worth family office clients, as assigned

  • Perform various selected FOS services for family member clients, as engaged in their FOS agreement and further described below. Such services would require the RM to respond to client projects and requests, analyze and respond to critical issues on behalf of the family, and provide timely and accurate results and reports to family members

  • Provide specific technical expertise in the areas of accounting, financial analysis, transactional data, and operational requests

  • Prepare and/or review financial summaries and consolidated balance sheets

  • Review performance reporting prepared by an outside provider

  • Review expense reporting and financial statement reporting prepared by our Household Accounting Services

  • Participate in and develop opportunities for marketing calls and presentations with Merrill Lynch Private Wealth Advisors and Financial Advisors

  • Participate in weekly internal FOS conference calls to discuss matters pertinent to the team

  • Although the RM will operate under the guidance of the Family Office Managing Director, the RM will be expected to operate independently and employ reasoned, rational decision making in their day-to-day work.

    The RM position requires a professional that will perform his/her day-to-day duties by utilizing knowledge and experience gained from prior employment in a related field, undergraduate schooling, classroom training, and development through day-to-day assignments as a member of Merrill Lynch Family Office. Previous experience with high net worth or ultra-high net worth clients is preferred.

    The RM is expected to comprehend the mission of FOS; that is, building an organization that is unparalleled in providing wealth management services to ultra-high net worth clients such that Merrill Lynch is deemed the leader in the marketplace for such services. Currently, these services include, but are not limited to, household accounting services (e.g., bill pay, expense management, and payroll administration), financial statement reporting (e.g. consolidated portfolio reporting, balance sheet, income and expense statement, cash flow) and tax services (tax administration, compliance, and planning). The RM will assist FOS in this mission by consistently providing timely, quality and efficient client service.

    Account Management and Client Service

    Technical and Analytical - The RM candidate at this level should have skills and experience in the following areas:

  • Financial Statements, Financial Analysis - Assist in the process of gathering, analyzing and summarizing current, as well as historical, financial data in order to prepare or review the following: statements of financial condition, income and expense statements, cash flow statements, consolidated financial statements, to name a few, for individuals, families, non-operating entities, foundations, trusts, partnerships, limited liability companies, etc. The candidate is not expected to prepare consolidated performance reports but should have a baseline knowledge of the asset classes of marketable securities, be familiar with private equities, real estate, and personal assets in order to review reports generated by an outside vendor before delivery to the clients. Calculations, such as, minimum retirement plan distributions, promissory note payments, cost basis of investments, and others will need to be performed from time to time.

  • Manage workflow - Manage his/her own workload around the various deadlines associated with tax compliance, the creation of financial statements, and other day-to-day assigned projects and tasks. He/she may also be asked to provide guidance and supervision on projects/assignments to less experienced staff.

  Responsibilities:• Provides quality client service and effective operations support by resolving client issues and analyzing data to address risk issues and trends

  • Escalates issues and provides resolution on complex inquiries, requests, and problems related to client concerns

  • Documents client interactions and provides team members with time sensitive updates

  • Attends client review meetings to capture notes, document in Salesforce, and tracks all actions/activities to ensure the highest level of client service is provided

  • Provides advice and assists with training for team members

  Skills & Qualifications:

  The RM candidate must be proficient in the use of industry related applications such as:

  • Microsoft Office: Excel, Word, PowerPoint, and Outlook

  • QuickBooks proficiency is helpful, though not required

  • Knowledge of aggregation software is preferred, though not required

  • Research skills

  • Undergraduate degree in a related field is preferred

  • One or more advanced degrees in a related field and relevant professional certifications such as CPA, CFP, MBA, LLM, CFA is preferred

  • Characteristics expected in this position should include the abilities of being a self-starter, disciplined, multi-tasker, focused, thorough, analytical, precision to detail, accurate and efficient.

  • Any prior experience working in a CPA firm, financial planning firm, Merrill Lynch or another investment firm which has provided the individual with relevant experience is a plus.

  • Client Management

  • Client Solutions Advisory

  • Customer and Client Focus

  • Pipeline Management

  • Relationship Building

  • Active Listening

  • Business Development

  • Data and Trend Analysis

  • Presentation Skills

  • Project Management

  Minimum Education Requirement: High School Diploma / GED / Secondary School or equivalent

  Shift:

  1st shift (United States of America)

  Hours Per Week:

  40

  Pay Transparency details

  US - CA - Los Angeles - 2049 Century Park E - CENTURY CITY MAIN OFFICE (CA9159), US - CA - Newport Beach - 520 Newport Center Dr - Newport Beach 520 Ncd (CA6814), US - IL - Chicago - 110 N Wacker Dr - Bank Of America Tower Chicago (IL4110), US - NY - New York - ONE BRYANT PARK - BANK OF AMERICA TOWER (NY1100), US - RI - North Kingstown - 6725 POST RD - NORTH KINGSTOWN BC (RI1135)

  Pay and benefits information

  Pay range

  $98,500.00 - $207,900.00 annualized salary, offers to be determined based on experience, education and skill set.

  Discretionary incentive eligible

  This role is eligible to participate in the annual discretionary plan. Employees are eligible for an annual discretionary award based on their overall individual performance results and behaviors, the performance and contributions of their line of business and/or group; and the overall success of the Company.

  Benefits

  This role is currently benefits eligible. We provide industry-leading benefits, access to paid time off, resources and support to our employees so they can make a genuine impact and contribute to the sustainable growth of our business and the communities we serve.

• About the company

  Bank of America is one of the world's largest financial institutions, serving individuals, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services.

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