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Donald “Don” Prause, a veteran Merrill executive who spearheaded the Wall Street firm’s efforts to serve ultra-high net worth clients and oversaw the expansion of private wealth in Florida during the COVID-19 pandemic. retire
Prause “will continue in that role through March 31 to help finalize his transition plan,” a company spokesperson confirmed by email.
As a young man, Plaus went from delivering newspapers and working in restaurants to running a prestigious wealthy store serving some of the richest families in the world. Andy Sieg, president of Merrill Wealth Management, said in a statement that he has spent more than 32 years at Merrill.
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Merrill did not announce who would replace Prause in the high-profile role, but said more details would come soon. Two longtime employees of Northeast Private Wealth Regional Manager Gregory McGauley could be included. according to An unnamed source cited by AdvisorHub. When asked to comment on those names, a Merrill spokesperson said, “Regarding the succession, we have nothing to share.”
Plaus is Head of Private Wealth Management (PWM), International and Institutional Groups at Merrill Wealth Management. PWM serves clients with a minimum of $10 million in assets to support individuals, families and their businesses. A spokesperson said it employs a team of 200 private wealth advisors, along with “experts in areas such as investment management, concentrated equity management and intergenerational wealth transfer strategies.”
ever since Plaus took over private wealth business in 2017the total number of customers increased by more than 30%, and customer balances increased by 46%, the company said.
Between 2021 and 2023. We saw the exodus of the ultra-wealthy and corporate From high-tax states like New York to tax-exempt Florida, Merrill has “doubled the number of private wealth advisors serving ultra-high net worth clients in Florida from 20 to more than 40,” a spokesperson said. person said.
“Don has made a lasting contribution to Merrill’s business and culture,” Zeke said in a statement. “Don is a mentor and role model to many.”
and 2021 online interview and Sanvi Berania high school student at Lake Highland Preparatory, a private school in Florida, who runs a college and career preparation website selective educationPrause shared his thoughts on his career in wealth management and reflected on his decades with his flock at Merrill Lynch, which acquired Bank of America as its parent company.
“I come from a fairly modest background,” Prause said, adding that he was interested in finance and money because he had no wealth.
“I’ve been working since I was probably about 12 years old. I’ve done pretty much everything from paper mill routes to mowing grass to working in restaurants. I’ve always wanted to contribute from home.”
He attended college in SUNY Albany where he majored in Economics and Business Administration. Plaus said his first taste of life on Wall Street was when the brother of his college friend worked there.
“We went and visited one day, and I think it was one of the big financial companies, and I was hooked,” Plaus said. “I had a lot of energy.”
Prause said he started his career in finance right out of school in 1985 at the now-defunct Brooks Weinger Robbins & Leeds. BrokerCheck profileHe has since worked at various brokerage firms including Greentree Securities Corp., JF Lowe & Company, former Smith Barney Harris Upham, Merrill Lynch and Morgan Stanley before returning to Merrill Lynch in 2006.
Plaus spent the rest of his career at Merrill and built his career. He started as his advisor in Financials and was eventually promoted to Sales Manager, Regional Sales Manager, Regional Managing Director, Northeast and Southeast Division his Executive. In 2017 he was tapped He succeeded Sieg’s brother, Phil Sieg, as head of the Private Banking & Investment Group division.the unit later rebranded PWM Group, said a company spokesperson.
Prause said he moved many times in his career as he was asked to relocate for new leadership roles. , he said, had to pass a one-week pass/fail evaluation. After he died, he had to move his family from New York City to Greensboro, North Carolina within months.
He has since moved to Charlotte, North Carolina. Birmingham, Alabama. And most recently Miami.Even though it’s Prause reportedly wasn’t thrilled When he first considered moving to Florida in 2015, he moved there after enjoying Florida’s quality of life, food and outdoor activities. The move will allow him to cater to the company’s ultra-high net worth clients in both virtual webinars and in-person events.
In a 2021 online interview, Prause said, “I always tell people that in leadership you need to be flexible and often willing to move around.
When asked what he liked and disliked about his job, he didn’t say what he didn’t like. But what was most exciting for Mr. Prause was building a strong team and working with hugely successful and wealthy clients.
“Forbes runs a list of the top 100 richest people in the world, 25 of which are our clients within Private Wealth,” he said. is.”
Plaus said the firm has a client advisory board of 35 individual wealth clients who advise on the company’s activities.
“It always amazes me how they run successful businesses, live successful lives, and still have the time to really help our business on a volunteer basis,” he said.