(Bloomberg) – The wealth management business of Bank of America Corp. rework its senior ranks as executives Bill Lorenz and Paul Lambert retire after three decades with the company.

The named firm’s Merrill Lynch Wealth Management unit Lindsay Hans and Chandler Root to division leaders, a change that will take effect following the resignation of Lorenz and Lambert at the end of the year, according to Merrill president Andy Sieg.

“We promote top performers, leaders who will help us continue to advance our ‘Modern Merrill’ strategy,” Sieg said in an interview. “We have a wide range of talents” with diverse perspectives, he said.

Merrill is adjusting his leadership as demand for advisers increases and banks strengthen businesses that serve affluent clients. UBS Group AG is departure a digital wealth manager in the United States and Citigroup Inc. is making a big leap in space, including plans to to hire thousands of employees in the Asia-Pacific region.

Lorenz, who began his career with Merrill in 1991, has held a variety of management positions with the company, including that of National Sales Director. He currently oversees the North East division, one of the largest in the wealth management company.

Hans will assume the role of Lorenz as Division Manager for the North East. She is currently a division manager for the Mid-Atlantic region, one of the top-ranked divisions in the company, said Sieg. The post will soon be taken over by Craig Young.

Kenneth Correa will assume Young’s current role as National Director of Business Development with responsibilities including acquisition and management within Merrill. Correa has been responsible for the New York City market, including Merrill’s Rockefeller Center and Manhattan East markets.

Lambert started at Merrill in 1992. He has held positions such as Director of Sales and Resident Director, and became President of Bank of America Chicago in 2016. The company has appointed Rita Sola Cook as its successor, responsible for connecting banking and investment resources across the business and the Chicago area.

Root will become a division manager for the Midwest, which Lambert currently covers. He most recently served as a market manager in Charlotte, North Carolina, where Bank of America is based. Root, who joined Merrill in 1995, began his career as a financial advisor in Punta Gorda, Florida, according to his LinkedIn. profile.

The rest of the Merrill leadership team will remain the same, including the leaders of the other divisions:

  • Steve Alch, Division Director for the South East
  • Jeff Markham, West Division Director
  • Carole Wentz, Division Director for Texas Mountain South
  • Eric Schimpf, Director of Merrill Lynch Wealth Management Advisory

COO Kirstin Hill will also retain her current position, as will Don Plaus, Head of Private Wealth Management, and Susan Axelrod, Director of Oversight.

Merrill has approximately 105 market leaders across the country. They report to the division leaders, who report to Sieg. The wealth management industry set records in the last quarter as soaring stock markets made legions of newly wealthy Americans.

Read more: BofA’s Merrill Boss Girds for poachers to defend records

But challenges remain for the group. The company has lost employees who have started their own businesses or joined competitors. And the ongoing pandemic has blocked the training of new talent, which is part of the reason for Bank of America’s global list of wealth advisers. collapsed to 18,855 in the third quarter of this year, down 8% from the previous year.

“As tough as 2020 has been, we believe the 2020s will be a phenomenal decade for wealth management,” said Sieg. “We want leaders in place who will be able to help us serve our customers and seize this opportunity in the years to come. “