Merrill Wealth Management (MWM) has launched a tool that will help consumers in the US match with one of its financial advisers.
Merrill Advisor Match will ask a series of questions, and the answers will determine a list of advisers. Once the customer has picked one, they will be able to set up a meeting with them.
The match will be based on:
- Engagement preferences – how clients would like to meet and interact with their adviser;
- Guidance style – preferred ways of communication; and
- Personality traits – to link clients and advisers with similar attitudes and character profiles.
This is based on Merrill’s research which discovered that the top three requirements clients want from an adviser are: ability to deliver financial results (93%), matching their communication style (90%), and similar personality (83%).
‘Break down barriers’
MWM’s move stems from the fact that a third of affluent Americans are not engaged with an adviser.
Among the reasons for this, 22% don’t know how to find the right one, 14% find it intimidating, and 10% can’t find someone who fully understands their situation, MWM found.
“We’ve combined a century of bringing Wall Street to Main Street with a personalised digital experience that takes the guesswork out of finding the right adviser,” said Andy Sieg, president of Merrill Wealth Management. “Merrill Advisor Match is an industry-changing innovation that reflects our modern Merrill strategy, helping to connect more investors to advice from the best advisers in the industry.”
Kirstin Hill, Merrill chief operating officer, added: “Recommendations from family and friends will forever be an important way people are introduced to an adviser.
“However, most people who aren’t working with an adviser would be the first in their family to have an adviser relationship. For those who don’t have a connection in their personal network, Merrill Advisor Match uses research and qualitative analysis to break down barriers to professional financial advice.”
