Merrill Divisional Head Vince Fertitta Steps Aside
Vincent J. Fertitta, Jr., who less than two years ago was elevated to one of six divisional managers at Merrill Lynch Wealth Management, has stepped down from the position.
Fertitta will be pursuing other “internal opportunities,” a Merrill spokeswoman said. Jeff Markham, head of Merrill Wealth’s West division, is temporarily filling in for Fertitta in the Texas Mountain South division, the spokeswoman said.
Merrill Wealth Management head Andy Sieg appointed Fertitta as one of his field generals in March 2017, shortly after Sieg took control of the business and streamlined its sales management structure.
In addition to running the Merrill region, Fertitta served as president of Bank of America’s San Antonio market, coordinating delivery of banking and wealth management services among bank and brokerage customers. The bank hasn’t determined whether he will retain that role.
The 22-year Merrill veteran was not available for comment, the spokeswoman said.
Fertitta’s change highlights the fragility of middle-management positions at large firms and also may indicate a broader management reorganization at Merrill Lynch Wealth, insiders said. Ben Prince, who Sieg elevated to run Merrill’s new ‘division’ of small-town branches remote from BofA location as part of the 2017 reorganization, left the company in December.
A Merrill spokesman declined to comment on the changes.
Fertitta first registered as a securities industry representative in the summer of 1992 with Lehman Brothers. He remained at Lehman and its Smith Barney successor until joining Merrill in 1996, according to his BrokerCheck profile.
After managing a book through the end of 2001, the Texas native joined management as associate director of Merrill’s Southeast region, based in South Carolina, according to his LinkedIn profile. He subsequently managed complexes in Houston and Chicago before settling in San Antonio in 2008 to oversee 277 employees, including 160 brokers. Fertitta has no disclosure marks on his BrokerCheck history.