Merrill’s Schimpf Bullish on US, Connecticut Economies 

Eric Schimpf may still be navigating Connecticut’s pizza scene—but when it comes to the economy, the Merrill Wealth Management president and co-head isn’t just confident, he’s “bullish.” 

“There’s a lot of room for this market to grow,” Schimpf told nearly 400 business leaders and policymakers at CBIA’s Sept. 3 The Connecticut Economy conference in Hartford.  

“There’s a lot left in this economy to drive power.” 

In a keynote conversation with CBIA president and CEO Chris DiPentima, Schimpf described the current U.S. economy as resilient and still full of untapped energy, despite mixed headlines and ongoing global uncertainty. 

Merrill Wealth Management is the investment management division of Bank of America.

As part of Bank of America’s executive management team, Schimpf jointly leads its Investment Solutions Group and oversees Merrill’s $3.7 trillion in individual wealth management assets.  

Sidelined Cash 

“Of that $3.7 trillion, there’s about $250 to $300 billion that is sitting in cash,” he said.

“It’s emergency funds, tuition, that kind of stuff—but that’s a real number.” 

Nationally, the estimated amount of idle capital is two to three times that amount. 

“Risk will return and that cash will go back into our markets.”

Merrill’s Eric Schimpf

“At some point, I believe risk will return—there will be triggers along the way—and that cash will go back into our markets,” Schimpf said.  

DiPentima agreed, calling it an important trend for local business leaders to follow. 

“That’s a big opportunity for Connecticut,” he said. “The more we can attract that investment back into productive areas, the better for jobs, innovation, and growth.” 

Growth Signals

“When you look at the data points, what are you seeing and what are you advising your clients?” DiPentima asked.  

Schimpf highlighted four key indicators of ongoing market strength, including a renewed surge in capital expenditures, the expectation of more deregulation, the impact of non-U.S. dollars, and technology.  

“People are investing in infrastructure, building new data centers, technology, and roads. Healthcare companies are buying new equipment. Defense companies are building up,” he said.

The U.S. desire to be the global, dominant player in innovation is a real part of that, he added, particularly in artificial intelligence. 

DiPentima noted global competition is intensifying—and that Connecticut must stay engaged. 

“Germany is one of Connecticut’s largest trading partners,” he said.

“So when we hear that they’re starting to spend again and kick-start their economy, it’s something we have to watch. We’re directly connected.” 

Connecticut Optimism

Merrill and Bank of America’s optimism about Connecticut is backed by significant investment and presence in the state, Schimpf said, citing: 

• 2,500 employees and over 100 branches 

• $150 billion in wealth management and $50 billion in home loans 

• $40 billion in FDIC-insured deposits 

• $20 million donated to Connecticut causes 

• 250,000 volunteer hours contributed by local team members 

“It’s companies like Bank of America that help Connecticut punch above its weight.” 

CBIA’s Chris DiPentima

 “This is a state that matters to us,” Schimpf said. “We’re not just talking about investing in the economy—we’re doing it.” 

Fifteen of Merrill’s top 100 financial advisory teams nationally are based in Connecticut, he added, reflecting a strong foundation of professional talent and client trust.  

“It’s companies like Bank of America that help Connecticut punch above its weight,” noted DiPentima. 

Challenges: Talent, Technology, Transitions 

While the economic outlook is strong, Schimpf acknowledged that businesses still face pressing challenges—including succession planning and talent recruitment. 

“Succession is a big topic,” Schimpf said. “People wait too long to think about it, and it can create a lot of disruption.” 

He emphasized the importance of having a clear plan—whether for business ownership transitions, leadership shifts, or navigating market volatility. 

Technology, especially AI, is both a solution and a challenge, and businesses need to take a balanced approach—adopting new tools while maintaining strong client relationships. 

“We’re using AI to improve efficiency … but human interaction still matters.” 

Schimpf

“We’re using AI to improve efficiency, to help with things like alternative investments and client service,” he said. “But human interaction still matters.” 

He also emphasized the growing importance of attracting and retaining talent, especially among younger generations who prioritize flexibility, purpose, and work-life balance. 

Technology plays a central role in that equation.  

Schimpf said he believes AI and data integration will reshape wealth management and broader industries—but only if implemented ethically and strategically. 

“Technology can’t replace the human element,” he said. “But when done right, it enhances it—especially in areas like alternative investments, client service, and operational efficiency.” 

Data-Driven Decisions 

Schimpf also pointed to the Bank of America Institute as a valuable resource for understanding consumer behavior and market trends in real time. 

“We watch what 70 million people do with their money every day,” he said. “It’s not just survey data—it’s real.” 

“To stay competitive, you’ve got to stay informed. That’s how you adapt, plan, and grow.”  

DiPentima

DiPentima also encouraged Connecticut leaders to leverage that kind of data in their decision-making. 

“To stay competitive, you’ve got to stay informed,” he said. “That’s how you adapt, plan, and grow.”  

Confidence in the Road Ahead—and Pizza 

While Schimpf affirmed his confidence in the economy, he also promised to give Connecticut pizza another try. 

“My office is on 43rd and Sixth in Manhattan, and I tried to drive out at five o’clock,” Schimpf said. 
 
“I got to New Haven around 8 pm, ordered pizza … and apparently I ordered wrong. So Chris, I need an invite back.” 
 
“You got it,” DiPentima said.

“We’ll get you the real Connecticut pizza experience.” 

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The Connecticut Economy was made possible through the generous support of Philip Morris International, with additional support from CBIZ, Connecticut Business Roundtable, Bank of America, Eversource, JPMorgan Chase, Kamco, and USI Security.