NEW YORK—It’s not just banks and credit unions getting into mobile service delivery.
Merrill Lynch has launched a mobile app letting clients both manage their investments on the go and communicate with their financial advisor more efficiently.
The new technology will also help Merrill Lynch develop its client segment strategy, said Andy Sieg, head of Merrill Lynch Wealth Management. The New technology introduced through the Merrill Lynch mobile app is also aimed at helping financial advisors 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, Financial Advisor IQ reported.
The company’s financial advisor 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, Seig told Financial Advisor IQ.
The Merrill Edge platform lets clients invest online individually or through a financial advisor. Over the next couple of years, Sieg said Merrill Lynch will increase its focus on its Merrill Edge business.