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October 02, 2017 at 08:00 PM
From MyMerrill.com to its online investment service Merrill Edge, Bank of America-Merrill Lynch says it is introducing changes to boost how clients and advisors interact with it via information technology.
These IT improvements support Merrill Lynch Wealth Management’s 14,811 financial advisors, who have about $2.2 trillion in client assets as of June 30. Average yearly fees and commission for the group are $1.04 million, while veteran advisors produce $1.35 million.
To get insights on the thinking behind the firm’s innovation, Research on Wealth spoke with Kabir Sethi, managing director and head of Digital Wealth Management for Merrill Lynch Wealth Management. Sethi has worked for the company since 2004 in a variety of roles, such as serving as head of Digital Banking and of head of Platform Integration and Delivery for Merrill Edge.
What is Merrill Lynch Wealth Management’s view on client expectations regarding technology (online, mobile, etc.) for the next year or two? And what is it doing to meet those client expectations?
We’re continuing to invest heavily in technologies to meet client demand for access to financial services through mobile devices and online access. We recently announced major enhancements to our mobile apps and other technologies in recognition of this increasing demand.
Our new capabilities include the ability to initiate wire transfers from mobile devices as well as enhancements to our website. We’ll continue to evolve our mobile and online capabilities over the next few years.
What does Merrill Lynch believe advisors want for both their office and mobile technology over the next year or two? How is it trying to meet those advisor expectations?
For advisors, we recently created state-of-the art websites with substantial LinkedIn capability built in. By the end of the year, every Merrill Lynch advisor will have a personalized website with dynamic content, with video capability soon to follow.
Our advisors are allowed to access LinkedIn directly from their workstations. In addition to creating their profiles — including credentials, skills and hobbies — advisors can also post timely and thought-provoking articles and white papers from our broader organization.
To support advisor mobility, we recently launched Salesforce 1, enabling our advisors to update client information and tasks on the program while on the go. With Salesforce 1, advisors can collaborate with their team, organize their day and retrieve client contact information.
Advisors are already leveraging tablets for client presentations and reviews outside the office with apps providing real-time information on their clients’ progress in reaching their financial goals.
Does Merrill Lynch have a tech-focused committee of advisors, and what does it do? Likewise, how does the firm regularly solicit and integrate advisor feedback on technology?
Yes, our Advisory Council to Management (ACTM) has advisor “technology champions” who act as a conduit for advisor feedback and suggestions on potential enhancements. Advisors provide feedback to their ACTM representatives, and the appropriate committees work to evaluate and prioritize requests to share with corporate partners in the lines of business.
