Enthusiasm for SRI Is Driving Changes In Wealth Management Units
At The Economist’s Impact Investing conference last week, Andy Sieg, the new leader of Bank of America’s Merrill Lynch Wealth Management said the “herd”—a moniker for the firm’s network of more than 15,000 advisors—has never been as interested in socially responsible investing as it is now.
In years past, few Merrill advisors would attend a breakout session for impact investments at the firm’s annual education conference. That’s no longer the case.
“We’re to the point that it’s standing room only,” said Keith Banks, president of U.S. Trust and head of Bank of America’s Chief Investment Office and Investment Solutions Group. “The big drive there, when it really comes down to it, is the client.”
In addition to Merrill Lynch and U.S. Trust, wealth managers and analysts from Wells Fargo, RBC and J.P. Morgan said client demand is spurring changes in their respective wealth management units.