J.P. Morgan Nabs Veteran Merrill Private Wealth Exec Colavita
Mollie Colavita, a veteran Merrill Lynch Private Wealth Management executive and former New York regional leader, has left to join J.P. Morgan Wealth Management, according to two sources familiar with the move.
The move reunites Colavita with J.P. Morgan Advisors CEO Phil Sieg, who earlier in his career led Merrill’s private wealth unit, moved to JPMorgan in April 2020, and was elevated to Chief Executive from the same practice management role in April. (Sieg’s brother, Andy, is president of Merrill Lynch Wealth Management.)
Colavita, who had most recently been head of private wealth services at Merrill and is expected to officially join her new firm after a 90-day garden leave, did not return a call and message for comment.
A Merrill spokeswoman declined to comment. For the wirehouse, the departure extends a round of management-level departures this year, including four market executives who left in the span of a week around Memorial Day.
Since 2019, Colavita had overseen Merrill “wealth strategists” who develop financial plans for wealthy clients, and the firm’s family office services unit and the Center for Family Wealth.
Before that, she ran the New York metro market for Private Wealth (formerly known as the Private Banking and Investment Group) for eight years. The market focused on brokers serving ultra-wealthy customers in New York City; Greenwich, Connecticut; and northern New Jersey, according to her LinkedIn.
Colavita started her career as an analyst at Merrill in 1993, moved into the private advisory services group in 1995 and also worked as head of the firm’s advisor training group, co-head of Merrill’s Global Wealth & Investment Management Leadership Development Group and then shifted into the private wealth business in 2004, according to her LinkedIn.