Merrill Wealth Management, Bank of America’s primary wealth arm, is sharpening its edge in the ultra-high-net-worth space with a new dedicated specialist team.

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On Wednesday, the firm revealed that it has launched new Ultra-High-Net-Worth Advisory Group consisting of more than 25 specialists to help its advisors deliver tailored wealth strategies as well as connect them with BofA’s broader shelf of boutique financial solutions.

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The new UHNW advisory group will be led by Rob Romano, who’s taking on the job while retaining his current responsibilities as Merrill’s head of capital markets investor solutions. Romano will report to Brian Partridge, head of investment solutions group specialists.

According to Romano, who joined Merrill in 2022 after 11 years leading various investment specialist teams at UBS, the initiative reflects the rising demand for sophisticated guidance among ultra-high-net-worth families.

“Rapid wealth creation, more intricate financial situations and the importance of generational wealth transfer is creating a need for more advanced guidance for our UHNW clients’ wealth management needs,” Romano said in a statement published Wednesday.

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“Comprised of investment experts and partnering across the firm to deliver holistic guidance on the issues that matter for UHNW families, this team will be an added resource and tailored support to advisors’ and their client relationships,” Romano said.

The advisory group will focus on providing personalized investment solutions, including custom asset allocation, multi-asset portfolio construction, and both traditional and alternative investment strategies. In addition, it will serve as a bridge to Bank of America’s broader services, such as custom lending, trust and estate services, art services, family office solutions, and philanthropy.

Partridge emphasized Merrill’s commitment to adapting to the evolving needs of ultra-high-net-worth clients.

“UHNW clients are an evolving and growing client base for Merrill,” he said. “The establishment of a dedicated group to better support ultra-high-net-worth client engagement is the latest example of how we are supporting our advisors as they serve clients and grow their businesses.”