Merrill Lynch Wealth Management and Bank of America Private Bank Receive Multiple Industry Awards for Digital Innovation and Leadership

Recognized by Aite Group, Professional Wealth Management and WealthManagement.com

Tuesday, June 30, 2020 9:00 am EDT

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 a trio of industry organizations for leadership in digital engagement and innovation. These recent awards recognize the company’s ongoing investments in new initiatives designed to deliver a superior client and advisor experience and help drive responsible growth.

“We’re honored to be recognized by the industry in so many ways,” said Andy Sieg, president of Merrill Lynch Wealth Management. “While the transformation has been underway for a while now, these efforts have proven critical recently given the surge in digital and remote engagement between clients and advisors. In fact, we’ve reached the level of digital engagement over the last three months that we’d hoped to achieve over the next several years.”

“We leverage timely and relevant information to guide clients through ever-changing life priorities. This is a primary driver of our digital strategy,” said Katy Knox, president of Bank of America Private Bank. “It complements everything we do at the Private Bank, ultimately translating into higher levels of client engagement and satisfaction.”

Recent industry awards include:

Aite Group’s Digital Wealth Management Impact Innovation Award for Digital Engagement Strategy: Recognizing technology that sets a higher standard for the industry, this award celebrates the company’s use of Socialize – a proprietary digital engagement platform for social media that leverages natural language processing (NLP) technologies to optimize the distribution of content. Socialize enables advisors the capability to post uniquely relevant content for clients and prospects; access insights and analytics to further optimize communications to help deepen relationships; and manage supervision at scale.1

Professional Wealth Management (PWM)’s Wealth Tech Award for “Best Private Bank” for use of Technology (North America): Merrill Lynch Wealth Management has been recognized by PWM, a Financial Times publication, for the modernization of its client- and advisor-facing digital platforms, which in recent years has included enhancing the client experience, enabling advisors to manage and grow their practices more efficiently, and delivering more integrated and insightful service to clients. Kabir Sethi, head of digital wealth management for Merrill Lynch and the Bank of America Private Bank, was also named “Best Digital Leader in Private Banking” as a result of his leadership, vision and his team’s success – an honor for which he was selected by fellow industry leaders in the areas of business, technology, marketing, research and consulting.2

WealthManagement.com has also named Merrill as a finalist in its annual industry awards in the following four categories, further celebrating the firm’s digital innovation and women-focused initiatives. Winners will be announced in September 2020.

  • Social Media Leadership for its Socialize platform.
  • Service for its Client Insights program – part of the Client Engagement Workstation, a newly launched internal advisor platform for managing client relationships, activities and interactions.
  • Technology for its digital collaboration tools that help advisors connect with clients more efficiently from anywhere, anytime.
  • Corporate Social Responsibility & Diversity for its #WomenInvested National Event Series.3

 

1 Merrill Lynch Wealth Management and Bank of America Private Bank were recognized for “Socialize” in the category of Digital Engagement Strategy. The award winners and finalists were selected 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. The winners were selected by Aite Group’s wealth management team in conjunction with a global panel of six external experts on digital wealth management. 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 Merrill was awarded the Professional Wealth Management Wealth Tech Award for “Best Private Bank Use of Technology” in North America. Additionally, Bank of America’s Kabir Sethi was named “Best Digital Leader” in Private Banking. 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 four categories: Social Media Leadership; Service; Technology; and Corporate Social Responsibility and Diversity. More than 200 companies submitted 625 nominations in 2020. 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.

 

 

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.

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Julia Ehrenfeld, Bank of America, 1.646.855.3267
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