BofA consumers get more access to wealth advisers

Bloomberg

Bank of America Corp.’s wealth unit rolled out a digital program that matches consumers with an adviser to meet rising demand for financial guidance.
The firm’s Merrill Wealth Management business launched Merrill Advisor Match to capture new consumers looking for help investing and managing their money.
“We want to make it easier and simpler for individuals who are seeking financial advice to find a financial adviser,” Jen Auerbach, Merrill’s head of client acquisition, retention and strategic growth initiatives, said in an interview. “It is more important today with market volatility, inflation, rising costs, geopolitical risks and people’s lives coming out of the pandemic — which
continue to be more complex.”
The bank is aiming the program at newly affluent consumers, those with at least $250,000 of investable assets, according to Auerbach. A third of those wealthy Americans are the first generation in their family to work with a financial adviser, which is even more the case for diverse communities that face higher barriers to entry, she said.
Wealth management has been a fast growing, competitive space across Wall Street. The biggest banks have poured in resources to build teams and products, hoping to lure new clients who bring in more assets and business
opportunities.
Finding a financial adviser can be overwhelming for some, especially those without a network or knowledge of how and where to look, Auerbach said. To cater to those who are new to the process, the bank created a digital questionnaire that gathers personal and financial information. The answers guide which adviser at the bank would be the best fit.
The match program will be available on mobile devices and desktops for all consumers, even outside Bank of America. Ultimately a match would require users to keep some of their money with the bank and pay a fee for the services. Over 5,000 advisers opted into the new offering and are ready for pairing, Auerbach said.