Bank of America is planning to plant advisors from its wealth units within investment banking teams in the hope that banking clients will give them personal money to manage, John Thiel, head of Merrill Lynch Wealth Management, reportedly said at the Reuters Global Wealth Management Summit yesterday.

Bank of America is planting advisors from its wealth units within its investment banking teams to promote teamwork and capture more personal assets, John Thiel, head of Merrill Lynch Wealth Management, reportedly said at the Reuters Global Wealth Management Summit yesterday.

Advisors from Merrill Lynch Wealth Management, which serves individuals with over $250,000 in investable assets, and US Trust, which focuses on those with higher net worth, have been allocated to groups within the investment bank, Reuters said.

BoA chief executive Brian Moynihan has reportedly made this strategy a priority and will work with Phil Sief, head of the ultra high net worth client solutions and segments, on the effort. 

“That opportunity is really one of the profound opportunities we have as an organization,” Thiel was quoted as saying.

Likewise, wealth management advisors will also have the opportunity to refer clients - whose firms may need to raise debt or equity - to BoA’s investment bank.

But as Reuters noted, some advisors may not be keen on the idea that introducing clients to “unknown bankers” - even at their own firms – means they will have no control over how well their clients would be served.