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Merrill Lynch Introduces Mobile Tech in Push for New Business

By Garrett Keyes July 5, 2018

Wirehouse Merrill Lynch has launched a mobile app letting clients both manage their investments on the go and communicate with their financial advisor more efficiently, a recent roundtable discussion with Andy Sieg, head of Merrill Lynch Wealth Management, reveals. And Sieg says the new technology will also help Merrill Lynch develop its client segment strategy.

For the wirehouse, FA client segments are broken down into three categories – ultra-high net worth clients with over $10 million in assets, core clients with between $1 to $10 million assets, and Merrill Edge target clients, which have between $100,000 and $1 million assets, he says.

The Merrill Edge platform lets clients invest online individually or through a financial advisor. Over the next couple of years, Sieg says Merrill Lynch will increase its focus on its Merrill Edge business.

New technology introduced through the Merrill Lynch mobile app is also aimed at helping FAs connect with smaller households of around $250,000 by letting clients easily communicate with their advisor, see their full banking and investment pictures, and receive recommendations for ongoing advice, according to a press release.

Previously reported technological changes in the firm’s app let clients scan and send paper documents to their FA; use a budgeting tool to monitor spending; view transactions for Bank of America deposit and card accounts; and transfer money to other people with Zelle.

Andy Sieg

Such technological innovation across these client services will apparently give Merrill Lynch advisors the support needed to focus on building business in Merrill’s $100,000 to $1 million target segment.