Convert a TextList field into richtext bulleted list

Try this as a more simple solution. Just insert your multi select field into the first line  

var text CombinedText = ToText([My Text Concatenation Field for Child names]);

var text ConvertToVerticalListWithBullets=
Trim(SearchAndReplace($CombinedText, " ; ","<br>&#8226"));  // separate entries with a new line and a bullet

If($ConvertToVerticalListWithBullets<>"", "&#8226") // this is a bullet for the first entry
&
$ConvertToVerticalListWithBullets