BofA Drops the "Lynch" from Merrill Lynch in Certain Wealth Offerings ... But Not in One Key Market
The bull remains as the logo and so does the name Merrill but, for many of Bank of America’s financial services brands, the well-known Lynch moniker is gone, according to a company press release about its branding changes issued on Feb. 25.
Notably, however, Merrill Lynch Wealth Management, the largest unit of the bank’s wealth business, will retain Lynch in its name.
The stories left the impression that Lynch would be dropped for all Merrill’s wealth advisory brands.
“We’ve been working to clean that up throughout the day,” a spokesman for the bank explained on Monday afternoon.
For Danny Sarch, a recruiter who works with financial advisors, the news of the moniker changes hardly rated as significant since the switch would be inconsequential for most of the folks he helps find jobs.
“Since Merrill Lynch Wealth Management keeps that name, I think it’s much ado about nothing in my world,” says Sarch, president of White Plains, N.Y.-based Leitner Sarch Consultants.
BofA’s wealth management unit, previously known as Merrill Lynch Private Banking & Investment, for clients with $10 million or more in assets, under management, will drop the Lynch. It will now be known as Merrill Private Wealth Management.
In its press release, the company said it will bolster the rebranding with a multi-year advertising campaign, already started at the end of last year.