Merrill hires MSSB exec to run insurance, annuities

SEP 30, 2012
Bank of America Merrill Lynch has snagged an executive from Morgan Stanley Smith Barney LLC to run its insurance and annuities business. Michael Maghini joined Morgan Stanley in 2006 after working for Smith Barney Inc., Citigroup Inc., SunTrust Asset Management and UBS Financial Services Inc. At MSSB, he served as head of distribution, annuity and insurance services until 2009, then as senior vice president and complex business development manager. Mr. Maghini's diverse background in financial services was a key factor behind his recruitment to Merrill, said David Tyrie, a managing director and head of personal wealth and retirement for Bank of America Merrill Lynch. “Mike has been involved in financial planning, in platform development roles and in product roles. These are the prerequisites we wanted as we go to market with retirement solutions,” he said. Mr. Tyrie expects annuities and insurance products to become increasingly important for individuals and service providers as the population ages. “Market demand is going to be around wealth management as opposed to just wealth accumulation,” he said. “This isn't a one-product business; it's about looking at the entire client and figuring out how products and services work together for people. Mike is going to drive this for us.” Mr. Maghini succeeds John Mulhall, who left Merrill in July for Ohio National Financial Services Inc. He will start in his new position today and report to Mr. Tyrie. [email protected] Twitter: @aoreport

Latest News

Advisor moves: Raymond James lands $1.25B team as Merrill loses two
Advisor moves: Raymond James lands $1.25B team as Merrill loses two

Iowa's Greenwood Wealth Partners exits D.M. Kelly as UBS and Ameriprise win Merrill Lynch recruits in California and Florida

Never a losing day: CFTC alleges $950 million forex Ponzi scheme
Never a losing day: CFTC alleges $950 million forex Ponzi scheme

Less than 1% of pool funds went to actual trading, CFTC says

Fintech bytes: Northwestern Mutual picks Jump for enterprise AI
Fintech bytes: Northwestern Mutual picks Jump for enterprise AI

Plus, SEIA builds a governed data foundation for its in-house AI and Snappy Kraken debuts a read-only marketing coworker for advisors.

People moves: AllianceBernstein names Onur Erzan as next CEO
People moves: AllianceBernstein names Onur Erzan as next CEO

Broadridge, Wedbush and Alaris Acquisitions have also filled senior wealth management roles with hires from J.P. Morgan, Osaic and SageView.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains