Merrill Lynch's Global Wealth Management is a unit of Bank of America Merrill Lynch. Headquartered in New York City, GWM provides advice-based wealth-management services and products to individual clients, businesses and employee-benefit plans. It has an army of 16,700 financial advisers in approximately 750 offices around the world. Nearly two-thirds of assets under management come from relationships with clients who have investable assets of $1 million or more.
The acquisition of Merrill by Bank of America Corp. was completed in January 2009. Merrill Lynch Global Wealth Management is now considered one of BofA’s primary assets. BofA is folding its Premier Banking unit into GWM, laying off several hundred employees. Meanwhile, Merrill is among larger brokers offering hefty recruiting packages to lure talent from rivals.