Merrill Advisor Match transforms how people find a financial advisor

New digital tool makes it easier than ever to connect people looking for financial advice with financial advisors

NEW YORK, October 4, 2022 /PRNewswire/ — Today, Merrill Wealth Management launched Merrill Advisor Match, a research-based digital platform that connects people seeking financial advice with a Merrill financial advisor that best suits their preferences and needs.

The data shows the need for a modern approach to finding an advisor. A third of affluent Americans do not work with an advisor today. They cite the following reasons:

  • 22% say they don’t know how to find the right advisor,
  • 14% say contacting an advisor is intimidating, and
  • 10% say they can’t find someone who understands their unique needs.1

Merrill Advisor Match addresses this need by offering a simple set of questions to answer, serving a personalized list of advisors, and providing the ability for the prospect to digitally schedule a meeting with the advisor of their choice.

“We’ve combined a century of bringing Wall Street to Main Street with a personalized digital experience that takes the guesswork out of finding the right advisor,” said Andy Sieg, chairman of Merrill Wealth Management. “Merrill Advisor Match is an industry-changing innovation that reflects our modernity Merrill strategy, helping to connect more investors to advice from the industry’s top advisors.”

According to a recent Merrill survey, affluent Americans prioritize an advisor who matches their communication style (90%) and personality (83%) almost as much as one who delivers financial results (93%).1

The intuitive questionnaire and technology behind Merrill Advisor Match was developed and informed by in-depth interviews, focus groups and quantitative surveys with advisors and clients. The tool matches people with advisors based on several dimensions, including:

  • Engagement Preferences understand how a potential client would like to meet and interact with their advisor (eg, frequency of meetings, proximity to the advisor, level of proactivity);
  • Guide style assess the preference of potential clients on how they communicate with their advisor, receive referrals and how decisions are made; and
  • Personality traits to illuminate the best client-advisor match (e.g., introverted vs extroverted, problem-solving approach).

“Recommendations from family and friends will always be an important way to introduce people to an advisor. However, most people who do not work with an advisor, 62%, would be the first in their family to have a relationship with an advisor. advisor,” said Kirstin Hill, Merrill Chief Executive Officer. “For those without a connection in their personal network, Merrill Advisor Match uses research and qualitative analysis to remove barriers to professional financial advice.”

The new tool becomes available at a time when demand for financial advice is high. The combination of the global pandemic and the most volatile markets in decades is accelerating the desire of affluent Americans to find an advisor they can trust to help them achieve their goals.1

Visit www.ml.com/advisormatch to learn more and complete the Merrill Advisor Match experience.

The choice of advisor does not guarantee future success. Investment risks involved.

1 Concentrix (an independent market research firm) conducted an online panel sample survey on behalf of Bank of America/Merrill of 22nd of JulyAugust 4, 2022. The survey was made up of 1,095 affluent respondents across the United States. Respondents in the study ranged in age from 18 to 99, with investable assets of $250,000 and above. For this purpose, investable assets include the value of all cash, savings, mutual funds, CDs, IRAs, stocks, bonds, and all other types of investments such as 401(k), 403(B), and Roth IRA, but excluding primary residence and other real estate investments. The margin of error is +/- 2.96%, reported at a 95% confidence level. Using the same survey, Concentrix also oversampled Black/African American, Hispanic, and LGBTQ+ respondents to complete enough surveys to ensure a robust sample size for analysis. The total sample sizes of 484 Black/African American, 340 Hispanic, and 416 LGBTQ+ have a margin of error of +/- 4.45%, 5.31%, and 4.80% respectively.

Bank of America

Bank of America is one of the world’s leading financial institutions, serving individuals, small and medium-sized businesses, and large corporations with a full range of banking, investment, asset management, and banking products and services. other financial and risk management products and services. The company offers unparalleled convenience in United States, serving approximately 67 million retail and small business customers with approximately 4,000 retail financial centers, approximately 16,000 ATMs and award-winning digital banking services with over 55 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving businesses, governments, institutions and individuals worldwide. whole world. Bank of America provides industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves its customers through operations across United States, its territories and about 35 countries. Bank of America Corporation (NYSE: BAC) shares are listed on the New York Stock Exchange.

www.bankofamerica.com

Investment products:

Are not FDIC insured

Are not guaranteed by the bank

May lose value

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Journalists can contact:

Julia EhrenfeldBank of America
Phone: 1.646.855.3267
[email protected]

SOURCE Bank of America Corporation

Geraldine L. Melton