Merrill Wealth Management Launches Advisor Matching Program – Finovate

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  • Merrill Wealth Management launched Merrill Advisor Match, a tool to connect people with the right advisor.
  • Using Merrill Advisor Match, customers answer a set of questions that helps match them with a list of financial advisors.
  • The launch comes at a time when one third of affluent Americans are not currently working with an advisor.

Bank of America’s Merrill Wealth Management unveiled a new offering this week that offers a technological approach to matching consumers with financial advisors.

The tool, Merrill Advisor Match, connects people seeking financial advice with a Merrill financial advisor that suits their preferences and needs. After answering a set of questions, consumers looking to be matched with an advisor receive a personalized list of potential candidates who they can review. Once they’ve finalized their decision, they can use the tool to schedule a meeting with the advisor of their choice.

The questionnaire asks customers where they are on their financial journey, which areas of their finances they would like help with, how they prefer to spend time during their meeting, if they are a planner or are spontaneous, and more.

Mobile screenshots of Merrill Advisor Match

“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 Merrill Wealth Management President Andy Sieg. “Merrill Advisor Match is an industry-changing innovation that reflects our modern Merrill strategy, helping to connect more investors to advice from the best advisors in the industry.”

Merrill Advisor Match partners advisors with consumers based on a number of factors, including the customer’s engagement preferences, guidance style, and personality traits. These elements are assessed in the questionnaire and are based on a Merrill study that indicated that 90% of affluent Americans prefer to work with an advisor who matches their communication style, 83% select an advisor based on their personality, and 93% choose their advisor based on whether they deliver financial results.

This digital-first approach to selecting an advisor will resonate with affluent Americans, one-third of whom are not currently working with an advisor. By leveraging matchmaking technology, Merrill Advisor Match creates a user experience similar to those used with dating and social sites that customers are accustomed to. This familiarity ultimately makes the process more approachable.

“For those who don’t have a connection in their personal network,” explained Merrill Chief Operating Officer Kirstin Hill, “Merrill Advisor Match uses research and qualitative analysis to break down barriers to professional financial advice.”


Photo by Kindel Media

Go to Publisher: Finovate
Author: Julie Muhn (@julieschicktanz)