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Merrill Lynch Boosts Its Finance Management App

By Alex Padalka June 27, 2018

Wirehouse Merrill Lynch’s new digital offerings should be a hit with people not keen on dragging around paper copies of everything they need to hand over to their financial advisors or searching for bank account numbers when making transfers — which is probably everyone.

One new feature on the wirehouse’s mobile app will let clients scan documents with their phones and email them to their advisors, while another feature eliminates the need to locate account numbers, according to a press release from the firm.

The document scanning feature on Merrill Lynch’s existing app, rolling out this week, will let users take photos with their phone of each page of a document and the app will then convert the images to a single PDF they can send securely to the advisor, the company says.

App users are now also able to send and receive money with other Bank of America customers directly on the app using Zelle, which allows fund transfers between different bank accounts for enrolled users usually within a matter of minutes and using just an email address or mobile number, according to the press release.

Other recent new features on the app include the ability for app users to track expenditures, see spending trends across their accounts with both Merrill Lynch and Bank of America, the wirehouse’s parent company, and set budgets across 14 spending categories such as home and utilities, groceries, travel and more, according to the press release.


The feature was introduced in March, Merrill Lynch says. And later this year, the app will let clients monitor their income across 10 categories, which will let both the clients and their advisors keep tabs on digital cash flow, according to the press release. Clients will also be able to view annualized income and spending on the app, Merrill Lynch says.