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Case Study of a Shotgun Marriage: Wealth Management Implications of the BofA/Merrill Lynch Merger

Published by: TowerGroup

Published: Sep. 24, 2008 - 6 Pages


Table of Contents


TowerGroup Take-Aways

Retaining Merrill Lynch's advisors and clients is critical to the merger for Bank of America, whose commitment in this area, including an increase in front-office technology spending, will help position the bank for future growth.

The strength of the Merrill Lynch brand among core advisors makes it difficult for the firm to stretch both up and down market; the Bank of America brand is strong in banking, but it does not resonate in the wealth management market.

Merrill Lynch's international strategy is on target and essential to the long-term success of the combined firms.

Bank of America and Merrill Lynch need to join their businesses at a measured and manageable pace, making continued investments in client portal technology and the integration of a wealth management platform across the enterprise.


Report Coverage

Overview of the Combined Firms' Wealth Management Offerings

Exhibit 1

Growth Opportunity: Core US Advisory

Growth Opportunity: Channel Diversification

Exhibit 2

Growth Opportunity: International Expansion

Growth Opportunity: Platform Innovation

Growth Opportunity: Deliver One Firm

Summary

Abstract

On September 8, 2008, Robert J. McCann, vice chairman and president of the Global Wealth Management group at Merrill Lynch, made a presentation at the Lehman Brothers Conference on the future of the Merrill Global Wealth Management business. He gave an overview of the business and listed five key growth opportunities. One week after the presentation, Merrill was purchased by Bank of America in a dramatic and unexpected move. This TowerGroup ViewPoint examines the five key opportunities McCann identified and offers TowerGroup's analysis of how the firm's acquisition by Bank of America affects these opportunities.

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