Much beloved by Merrill financial advisors, Dan Sontag is stepping down as head of Merrill Lynch Global Wealth Management. The news of his departure comes just a day after it was announced that Sallie Krawcheck, the former head of wealth management at Smith Barney, would be his boss in her new position as head of Bank of America’s global wealth and investment management division.
The 52-year-old Sontag announced his departure during a call broadcast Tuesday morning between management and the firm’s financial advisors, according to Merrill advisors. On the call, Sontag said he was leaving, but that he supports Krawcheck.
Sontag has been with Merrill for 32 years, having started as a broker with the firm. He was well-liked by Merrill advisors for this reason, and for his straight-shooting demeanor. Registered Rep. chose Sontag as one of our Ten to Watch in the August issue, because he was charged with the delicate task of overseeing the integration of Merrill Lynch into Bank of America. This task will now fall to Krawcheck and Sontag's successor.
“No tears, no joy," says one Merrill advisor about Sontag's departure. He says that while Sontag was widely liked, he did not have the stature of Bob McCann, whom he replaced in January. The advisor is excited to have Sallie Krawcheck leading the wealth management business. “I met her today, she’s great. She comes from our side of the business so that’s good and I think it sends a message that BofA is serious about making wealth management a core business,” he says. He says her knowledge of the Citi-Smith Barney experiment, and why it didn't work, is a definite plus—since Merrill now finds itself stuffed inside a banking beast.
A Merrill Lynch spokesperson was not immediately available to confirm Sontag's resignation.
