Formerly Merrill Lynch
Merrill Private Banking, which used to be known as Merrill Lynch, is the wealth management division of Bank of America. It offers a comprehensive suite of services to individuals who need bespoke financial planning. Merrill’s private banking approach is wholly centred around personal needs, an attitude that starts with a client’s first enquiry and develops throughout their entire relationship with the bank. Long-term growth, stability and personal objectives are what drive Merrill, and the bank draws on the experience of its many expert relationship advisers to deliver high-quality services for all its clients.
The making of an all-American private bank
The New York Times referred to Merrill as a “sonorous bit of Americana” on New Year’s Eve 1957. How did a bank become such a part of the modern consciousness, especially one that was founded relatively recently? Merrill began life as Merrill, Lynch & Co. in 1915, barely more than a century ago. In just a few decades it would become not only one of the largest banks in America, but also one of the most well-known symbols of American prosperity.
Merrill invested heavily in brokerages, and owned over 23,000 miles of telegraph cables in the 1930s. This placed the bank at the centre of America’s trading network, allowing it to quickly negotiate the best deals on it and its clients’ behalf. At this point the bank was officially a partnership, and only incorporated in 1952 under the name “Merrill Lynch, Pierce, Fenner & Smith Incorporated” (branded as “Merrill Lynch”). The new bank was immediately the world’s largest securities firm, with offices in nearly 100 cities worldwide. When it became a public company in 1971, Merrill operated in over 40 countries and managed over $1.8 trillion in client assets.
Merrill was heavily exposed during the 2008 financial crisis, and was obliged to write down billions of dollars in losses. The bank was then taken under ownership by the Bank of America, in a deal orchestrated by the U.S Government. Currently, Merrill offers investment and wealth management services as a Bank of America company.
Financial services from Merrill
Merrill has some of the best financial minds on board, and offers a depth of experience that few other private banks can match. The Merrill process starts with the bank working to understand their client’s needs. In order to serve their goals, the relationship manager needs to fully appreciate what they want to achieve and why. Merrill can then fulfil these objectives with a range of dedicated financial solutions.
Wealth management comes as an integral part of Merrill’s offering, and is based on a holistic understanding of what their client needs. Merrill has pioneered easy money management, and uses a range of wealth management apps to help clients monitor their wealth. These include dedicated Healthcare, Lifetime Income and Social Security features.
Wealth management from Merrill
High net worth individuals need a bank that listens, understands, and develops a bespoke strategy to suit their needs. Merrill focuses purely on doing this, to their clients’ benefit, and is an excellent choice of private bank for any individual.