Bank of America Wealth Management Businesses Receive Multiple Industry Accolades for Digital Innovation

Merrill Lynch Wealth Management and Bank of America Private Bank Recognized by Aite Group, Professional Wealth Management and WealthManagement.com

June 28, 2021 at 9:00 AM Eastern

Bank of America today announced that its wealth management businesses, including Merrill Lynch Wealth Management and Bank of America Private Bank, have been recognized by three industry organizations for digital innovation and leadership. Today, 80% of the company’s wealth management clients are actively using digital for more of their needs, and adoption continues to accelerate. These recent awards recognize digital solutions and strategies that deliver best-in-class client and advisor experiences and drive responsible growth.

“We’re honored to be recognized by these top industry organizations,” said Andy Sieg, president of Merrill Lynch Wealth Management. “We’re going through a digital revolution in wealth management. Advisors and clients alike have fully embraced the ease and convenience of digital engagement. This has caused the industry to accelerate technology that enables advisors to be more present in their clients’ lives, removes the limits to growth, and further transforms the way we do business.”

“Achieving the highest levels of client satisfaction and engagement is our north star when it comes to innovation and digital strategy,” said Katy Knox, president of Bank of America Private Bank. “These awards further demonstrate the success of our high tech, high touch approach to serving clients. Through ongoing investments in new initiatives over the last 10 years, we’re delivering a superior experience for our clients, and operating with greater efficiency.”

Recent industry awards include:

Aite Group’s Digital Wealth Management Impact Innovation Award for Digital Client Engagement: Recognizing the use of technology to surpass the status quo, this award celebrates the company’s new Client Engagement Workstation. This completely reimagined workstation enables Merrill Lynch Wealth Management and Private Bank advisor teams to provide personalized service and advice to clients, operate with greater efficiency, and manage multiple client activities and interactions simultaneously from one screen that adapts to any device – an essential feature when working remotely of on the road.1

Professional Wealth Management’s Wealth Tech Awards for Best Use of Technology in North America, and Best Use of Technology for Client Acquisition: Bank of America Private Bank and Merrill Lynch Wealth Management have been recognized by PWM, a Financial Times publication, for the digital transformation of these businesses, the modernization of client- and advisor-facing platforms, and solutions that enable advisors to build their digital presence and effectively engage clients and prospects via social channels.2

WealthManagement.com has named Merrill Lynch Wealth Management a finalist in its annual industry awards in the following two categories, further demonstrating Bank of America’s commitment to reimagining wealth management and leading the industry into the future. Winners will be announced in September 2021.

  • Technology for the Client Engagement Workstation.
  • Technology Disruptors for its Redefining Wealth Planning tool.3

Earlier this year, the company was also recognized by Celent, a global research and advisory firm for the financial services industry, receiving the 2021 Model Wealth Manager award for Emerging Technology.4

 
Bank of America

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 3,000 lending centers, 2,700 financial centers with a Consumer Investment Financial Solutions Advisor and approximately 2,100 business centers; approximately 16,900 ATMs; and award-winning digital banking with approximately 39 million active users, including approximately 30 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts. #3645707

 

1 Merrill Lynch Wealth Management recognized for “Advisor Focused” in the category of Digital Client Engagement.  A global panel of six external experts on digital wealth management selected winners based on the following criteria, which were considered when scoring each entry: level of innovation and competitive advantage; market needs assessment; impact on customer experience; impact on customer operational efficiency; level of new revenue opportunity for the organization; impact on customer retention/new customer attraction; level of scalability across customer base; and future roadmap. Rankings and recognition from Aite Group are no guarantee of future investment success, do not ensure that a current or prospective client will experience a higher level of performance results, and should not be construed as an endorsement.

2 Bank of America Private Bank and Merrill was awarded the Professional Wealth Management Wealth Tech Award for “Best Use of Technology” and “Best Use of Technology for Client Acquisition,” both in North America. The judging criteria is based on institutional key achievements, changes or improvements in relation to how technology is transforming business models and contributing to drive growth, support advisers, enhance brand and improve client experience. A judging panel composed of leading industry professionals will nominate the best private banks, regardless of size, in different categories. Rankings and recognition from the Financial Times are no guarantee of future investment success, do not ensure that a current or prospective client will experience a higher level of performance results, and should not be construed as an endorsement.

3 Merrill was named a finalist in two categories: Broker-Dealers Technology and Disruptors Technology.  More than 346 companies submitted over 900 nominations in 2021. Rankings and recognition from WealthManagement.com are no guarantee of future investment success, do not ensure that a current or prospective client will experience a higher level of performance results, and should not be construed as an endorsement.

4Merrill was recognized by Celent for the 2021 Model Wealth Manager award for Emerging Technology. Rankings and recognition from Celent are no guarantee of future investment success, do not ensure that a current or prospective client will experience a higher level of performance results, and should not be construed as an endorsement.

 

Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC, and a wholly owned subsidiary of Bank of America Corporation (“BofA Corp.”).

Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.

 

Reporters May Contact:
Julia Ehrenfeld, Bank of America
Phone: 1.646.855.3267
julia.ehrenfeld@bofa.com

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  • Merrill
  • Bank of America Private Bank
  • Awards and Recognition