Bank of America Merrill Lynch has named Morgan Stanley Smith Barney executive Michael Maghini to serve as head of insurance and annuities as the firm looks to capture more of the baby boomer market.

Maghini is scheduled to join the firm in its One Bryant Park location in midtown Manhattan on Oct. 1. His title will be managing director and head of insurance and annuities. Maghini will report to David Tyrie, head of Personal Wealth and Retirement at Bank of America Merrill Lynch, who calls the insurance and annuities head role a very important leadership position at the firm.

"It is my most important hire of the year because of all of the demographic changes that are occurring out there, as well as the importance of this business to our overall strategy," Tyrie said in an interview with On Wall Street on Monday.

Those changing demographics include 10,000 baby boomers who are turning 65-years-old every day, Tyrie said, a rate projected to continue for the next 20 years. At the same time, baby boomers are living up to 30 years longer than other generations have, while they are controlling 70% of the net worth in the market place, which amounts to about $20 billion in assets.

"These people are living longer and more active lives, therefore they're facing different kind of risks than any other generation has before," Tyrie said. "All of these things point to a holistic set of solutions point that are going to be needed to help them manage their wealth, not just accumulate their wealth."

As the new insurance and annuities head, Maghini is expected to help drive the firm's efforts to serve that generation by developing the strategy and management for all of the firm's annuity and life insurance products, Tyrie said.

The new role will give Maghini the opportunity to put some of his experience at Morgan Stanley to use. Maghini previously served as director of distribution of Morgan Stanley's annuity and insurance services business, where he oversaw that firm's North American operations and products and programs including long-term care, retirement income, life insurance and fixed, variable and intermediate annuities. Maghini also previously served in other leadership roles at Morgan Stanley, Citigroup, SunAmerica Asset Management and UBS in his 30-year career in wealth management.