Merrill Lynch promotes exec to oversee Southeast division

A sign sits beneath an office window at the Bank of America Merrill Lynch Financial Centre in London, U.K., on Thursday, Oct. 9, 2014. Norway's sovereign wealth fund Norges Bank Investment Management, the world's largest, agreed to buy the Bank of America Merrill Lynch Financial Centre in London for 582.5 million pounds ($944 million) as it expands its bet on the U.K. capital. Photographer: Chris Ratcliffe/Bloomberg
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Merrill Lynch promoted one of its own to fill a key position left vacant amid recent executive changes at the wirehouse.

The firm elevated Steve Alch to the post of Southeast division executive, according to an internal memo seen byFinancial Planning. He replaces Eric Schimpf who was named head of advisory development, a recently created division. . Schimpf and fellow Bank of America executive Matt Gellene were also appointed co-heads of advisor development to help better foster the company’s pipeline of new talent.

Most recently, Alch was the wirehouse’s Central Florida market executive, a role in which he oversaw nine offices and approximately 180 financial advisors, according to his LinkedIn profile.

Alch has been with Merrill Lynch since starting his career in 2001. He has held several positions at the firm, including market president in Chattanooga, Tennessee. Alch is a graduate of the U.S. Military Academy at West Point and earned his MBA from the University of Texas.

The company is turning to what it sees as a talent pool with proven success rates.
October 1

In his new role, Alch will oversee Merrill Lynch offices in the Southeast U.S., comprising 4,400 employees, $2.7 billion in revenue and $414 billion in assets and liabilities. The region includes several fast-growing metro areas such as Atlanta and Charlotte, North Carolina, not to mention Florida with its huge market of retirees.

Alch will also be tasked with connecting Merrill Lynch advisors with the rest of Bank of America’s business units, a goal the company has strived for in recent years, and helping to build bridges between its various business units.

Schimpfs new responsibilities include developing advisor career paths for employees in Bank of America’s other units.

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