Merrill Wealth Management Fined, Leadership Shuffles After Fee Disclosure Failures
Merrill Wealth Management has recently faced regulatory action and leadership changes. The SEC fined the firm for failing to disclose millions in foreign exchange fees, while key executives have departed or been hired away.
The SEC announced on Monday that Merrill had been penalized for charging clients more than $4 million in undisclosed currency exchange fees. The firm agreed to pay over $9.5 million to settle the charges, which stemmed from failures to disclose all associated fees between 2016 and 2020.
In a surprise move, Bank of America's private-wealth chief, Don Plaus, was persuaded to delay retirement and fill the vacant co-president role at Merrill Wealth Management. He now serves alongside Lindsay Hans, who was named to the position earlier this year. This change followed the departure of Andy Sieg, who left Merrill to join Citi as president last Thursday.
Merrill Wealth Management has settled SEC charges for failing to disclose currency exchange fees and has undergone leadership changes, with Don Plaus and Lindsay Hans now serving as co-presidents following Andy Sieg's departure.
