Another Longtime Merrill Executive Hangs Up His Spurs
John Hogarty, who has spent his entire career as a finance maven for Merrill Lynch, will leave the company at yearend, according to an internal memo circulated Friday morning.
Hogarty is chief operating officer of Bank of America’s Global Wealth and Investment Management division, with responsibilities for the more than 15,000 financial advisors and private bankers working at Merrill Lynch Global Wealth Management and U.S. Trust.
He joined Merrill as a finance manager in 1987 shortly after graduating from Fairleigh Dickinson University in New Jersey, according to his LinkedIn profile, and worked his way up to become COO of Merrill Lynch in 2006.
“He knew where all the Merrill bodies were buried,” said a longtime broker, who spoke on condition of anonymity. “I guess it means that more and more of the old Merrill is gone.”
Andy Sieg, head of Merrill Lynch Wealth Management, has restructured the organization since assuming the role in January. In addition to shrinking the sales structure and eliminating the positions of many managers and executives inherited from his predecessor John Thiel, he has shuttered the company’s conventional recruiting doors and is seeking rookie advisors from other industries and expanding the franchise into smaller U.S. communities.
Hogarty was the go-to executive for complex and branch managers when advisors questioned or challenged compensation and sales strategy changes, brokers said.
“[H]e played a central role in developing and implementing our goals-based wealth management strategy and was responsible for the design and implementation of Merrill Lynch’s industry-leading wealth management technology platform, Bank of America Vice Chairman and Global Wealth & Investment Management head Terry Laughlin wrote in the memo.
A Merrill spokeswoman confirmed that Hogarty will leave at year-end. A replacement has not yet been named.