What You Need to Know Merrill added more than 9,300 new clients in Florida during the past four years. It plans to double the number of teams serving investors in the state with more than $10 million. Low taxes, warm weather and the ease of working remotely are prompting financial pros and others to move. Bank of America Corp.’s wealthiest clients are flying south to Florida. It’s meeting them there. Merrill Lynch Wealth Management President Andy Sieg said the unit was intensifying its focus on the Sunshine State. The firm has 20 teams that cater to ultra-high-net-worth individuals there, and plans to double that over the next few years, to serve investors with more than $10 million to invest. The move reflects a broader expansion: Merrill added more than 9,300 new clients in Florida during the past four years, accounting for about 10% of net new household growth nationwide. Bank of America Private Bank added 123 households last year, a 60% jump from 2017.