August 14, 2020
wolterke | stock.adobe.com
Jennifer MacPhee, who runs Merrill Lynch Wealth Administration’s strategically essential coaching program and is a Bank of America “market president,” is leaving the agency.
MacPhee, Merrill’s Nationwide Monetary Advisor Growth Program (FADP) Efficiency Govt since April 2019, confirmed in a quick interview that she is going to “retire” from Merrill and its dad or mum bank firm on September 1.
“I had a great career and am leaving on great terms,” mentioned MacPhee, who managed about 240 brokers in Merrill’s Albany/Hudson Valley branches earlier than her promotion final yr. She mentioned she is wanting ahead to spending extra time together with her household.
Merrill Lynch has seeded Wall Street with hundreds of brokers that it skilled. Its present 43-month program, which incorporates about 3,000 trainees, has grown in strategic significance since Merrill ended energetic recruiting of skilled brokers three years in the past.
Commencement charges stay low, nevertheless, and the FADP program suffered a current setback when Merrill found that neophyte brokers working from house throughout the pandemic have dedicated Do Not Name prospecting violations, in keeping with a report in “Business Insider.”
MacPhee wrote in a July 31 memo that each one FAPD candidates should cease contacting prospects pending additional coaching.
She and Merrill officers mentioned her departure is just not associated to the alleged violations.
“We consistently review our policies, procedures and controls for potential enhancements, including with respect to call screening, in order to comply with regulatory requirements,” a Merrill spokesman wrote in an e-mail. “Our new training focuses in part on ensuring employees in our financial advisor training program properly employ enhanced call screening technology provided by the firm, as well as understand and adhere to call list policies and procedures.”
MacPhee’s successor on the coaching program and as president of BofA’s Albany/Hudson Valley market will likely be named within the coming weeks, he mentioned.
“Jennifer embodies a modern Merrill leader, and has had an impressive career filled with impactful contributions and accomplishments,” Merrill Chief Working Officer Kirstin Hill mentioned in a ready assertion. “She spearheaded the transformation of advisor training, creating a national program with consistent hiring practices and performance management accountability to develop and retain advisors of the future.”
MacPhee has labored as a Bank of America brokerage supervisor since 2001, and has served as BofA’s Albany/Hudson Valley market president since 2005. She started her profession as an accountant with Coopers & Lybrand in 1991 after graduating from Ithaca Faculty, and in addition was a “private client advisor” at Key Bank earlier than switching to BofA.