Merrill Names New ‘Mid-America’ Private Wealth Regional Head
Merrill Lynch has named a veteran market manager to fill a role overseeing around 80 private wealth brokers in the firm’s ‘Mid-America’ region, according to a memo on Thursday.
Marsden replaces Brett Thelander, a 27-year career Merrill manager who resigned in February and is expected to join Rockefeller Capital Management in May after a garden leave. The Mid-America territory includes advisors in Illinois, Indiana, Kentucky, Ohio, Michigan, Minnesota and Missouri, according to Plaus’ memo.
“Nathan’s experience, including holding leadership roles throughout the firm and building a successful practice as an advisor, makes him ideal to lead the Mid-America region,” Plaus wrote.
The move comes as Merrill Lynch has in recent years shifted its managers’ goals away from veteran broker recruiting to focus instead on internal growth metrics such as asset growth among existing advisors and better integration with the firm’s Bank of America parent through sales of loans and bank products.
“We’re more than just a wealth management firm,” Marsden said in a local interview in 2019 touting the firm’s rebranding of its wealth businesses and private wealth group (formerly known as Private Banking and Investment Group) that year.
Marsden, 51, joined Merrill in 1993, the year after graduating from Virginia Tech, according to his LinkedIn profile. He started as a broker in Washington D.C. and worked his way up through a number of leadership positions before becoming market executive in Michigan, according to Plaus’ memo.
He served on the director’s advisory council to management from 2010 to 2012, was chair emeritus of the market executive strategy council in 2017, also chaired the diversity and inclusion committee at Merrill from 2017 to 2019.