Eric Schimpf: From Army Paratrooper to Wealth Management Success

A Journey from Military Service to Financial Leadership

Eric Schimpf, the president and co-head of Merrill Wealth Management, has a career that spans both military service and financial leadership. Before he became a key figure in the wealth management industry, Schimpf was a U.S. Army Ranger who jumped out of airplanes and served as an infantry officer. His journey began in a small town outside of Milwaukee, Wisconsin, where his father instilled in him a strong sense of duty and service. This foundation led Schimpf to attend the United States Military Academy at West Point, where he earned a degree in computer science and military science.

After graduating, Schimpf chose to serve as an infantry officer, which included rigorous training such as jumping out of planes and becoming Ranger-qualified. He traveled the world during his time in the Army, and even now, he reflects on his military service with deep appreciation for the people he served with and the challenges they faced.

Transitioning from the Military to Wall Street

Schimpf's transition from the military to the financial sector was influenced by his father, who was also a financial advisor at Merrill. After leaving the Army, Schimpf started his career at Merrill Lynch in Silicon Valley, where he built a successful practice. His background in computer science and his experience as a leader in the military helped him navigate the corporate world.

He explains that while the military emphasizes strict chains of command and repetitive leadership styles, the corporate environment requires more flexibility and adaptability. In the military, leadership is often defined by rank and medals, but in the financial services industry, it’s about relationships, trust, and personalized advice.

Leadership Skills and Adaptation

Schimpf highlights several leadership skills that transferred well from the military to the financial industry. These include accountability, the ability to lead people through difficult tasks, and a focus on long-term goals. He notes that both the military and financial services require individuals to deal with incomplete information and rapidly changing environments.

However, the shift from military to corporate life also required him to adapt his leadership style. In the military, there is often little time for feedback, but in the corporate world, being open to feedback and flexible in approach is essential. This adaptability has been crucial in his role as a leader at Merrill Wealth Management.

Current Role and Strategic Vision

As the president and co-head of Merrill Wealth Management, Schimpf is responsible for leading one of Bank of America’s eight lines of business. His current duties involve growing the business, supporting his team, and caring for clients. Together with his partner Lindsay Hans, he has focused on three key strategies: growing the business with existing clients, welcoming new clients, and capitalizing on the shift in wealth control in the United States.

A significant part of this strategy involves expanding the number of advisors through a comprehensive training program. Schimpf himself is a product of this program, which has helped many professionals build successful careers in wealth management.

The Role of Artificial Intelligence in Wealth Management

With a background in computer science, Schimpf has a unique perspective on the role of artificial intelligence (AI) in the financial industry. He believes that while AI can enhance productivity and provide valuable insights, the human-to-human interaction between advisors and clients remains central to the success of wealth management.

Merrill and Bank of America have been early adopters of AI technologies, including virtual assistants like Erica and intuitive mobile apps. These tools help advisors prepare for meetings, implement strategies, and gather information more efficiently. Schimpf emphasizes that these technologies are designed to support, not replace, the personal connections that advisors build with their clients.

The Value of Military Veterans in the Industry

Schimpf is a strong advocate for hiring military veterans, noting that they bring valuable traits such as discipline, teamwork, and a strong work ethic. He highlights that veterans are often trained to work as part of a larger team and understand the importance of completing missions successfully.

Bank of America and Merrill have made significant efforts to recruit veterans, having hired over 20,000 since 2015 and committing to hire another 10,000 in the next five years. Schimpf believes that companies that recognize the value of veterans and their families will benefit from their dedication and loyalty.

Balancing Adventure and Responsibility

Despite his busy career, Schimpf still finds ways to stay active and connected to his past. While he no longer jumps out of planes, he enjoys running and staying fit. He also maintains close ties with his West Point classmates, many of whom have gone on to achieve great success in various fields.

For Schimpf, his dual identity as a veteran and a financial leader is a source of pride. He balances his professional responsibilities with his personal life, including being a husband to his wife and a father to his three children.