Merrill Seattle Market Exec Returns to Production at First Republic
A Merrill Lynch market executive in Seattle is returning to his roots and moving into full-time production at First Republic Bank’s private wealth business.
MacMichael is expected to join Scott’s team as an advisor in July following a 60-day garden leave, two of the sources said.
The manager, who joined Merrill from Morgan Stanley in 2012, did not return a request for comment sent through social media. He started his career at independent broker-dealer Royal Alliance in 1997 with a family-owned practice that he transitioned to Morgan Stanley in 2009, according to LinkedIn and BrokerCheck.
MacMichael moved into management in 2015 to be market sales manager for Merrill’s Delaware South Jersey market, according to LinkedIn.
“A former Advisor, he offers an intuitive understanding of client priorities, helping his team foster a culture of engagement, responsiveness, and customization,” MacMichael touted on LinkedIn.
A replacement has not yet been named for the Evergreen Market, according to a fourth source. The market had around 300 advisors and client associates with $16.5 billion in assets, as of December 2019, according to MacMichael’s LinkedIn.
Scott, who had been generating $18 million in revenue from $2.7 billion in client assets when he moved to First Republic in August 2018, would likely be giving MacMichael a portion of his practice to manage, sources speculated.
Merrill has seen a wave of market-executive exits in recent months amid what sources described as frustration over a 30% cut to their bonus pool last year and changing performance metrics tied to the company “scorecard” that determines bonus payouts. At least eight other market executives and a private wealth divisional head left earlier this year, according to moves previously reported by AdvisorHub.
Another manager, Jeffrey Lubin, who had run Merrill’s Baltimore & Associates market, joined Morgan Stanley in the same city last week, according to BrokerCheck. He is running Morgan Stanley’s Greater Chesapeake Complex, according to its website.
Merrill in April promoted insider Heather Eckles to lead the Baltimore market replacing Lubin, according to her LinkedIn. Eckles, who joined Merrill from UBS in 2019, had previously worked as an associate complex manager at Merrill’s Park Avenue office in New York City, according to her social media profile.
A Merrill spokesman said in May that attrition rates at the market level remain consistent year-to-date and the firm has a “deep bench of diverse talent” from which it is pulling new market leaders.