In today’s rapidly shifting financial landscape, wealth management has transformed from financial portfolio oversight into a holistic advisory discipline addressing everything from liquidity planning to private-market access, generational dynamics, and even AI‑enabled productivity.
Founded over 100 years ago, Merrill originated the concept of bringing “Wall Street to Main Street,” ushering new investors into the public markets. Today, “While investments and asset allocation are still core, client needs now span far broader,” says Lindsay Hans, Co‑Head of Merrill Wealth when I sat down with her in our New York City offices. “Cash management, liquidity, lending, and access to private markets are just some of the things our clients are looking for.”
Merrill, part of Bank of America since 2009, allows clients to access private equity, direct lending, and non‑liquid opportunities while preserving public‑market exposure—and without having to liquidate securities. As Lindsay describes, Merrill can uniquely offer things like tailored financing—enabling clients to make real estate investments without touching their portfolio.
With over 60 million retail clients, a massive balance sheet, and a mature banking infrastructure, Merrill and Bank of America offers scalable lending and checking services alongside advisory advice.
“What our clients value the most is knowing that their advisor has access to the full menu,” says Hans. “It’s got to feel small, but be big when it’s really important.”
That blend of “big but small” remains a daily focus—delivering creative financing solutions from a large institution, while preserving intimacy and accessibility at the client‑advisor level.
Lindsay also points out that the generational shift is reshaping wealth management. Millennial clients are dual income households, they are homeowners with young families, and are deeply engaged in financial planning, while Gen Z clients are digital natives; consuming information via ChatGPT and texting rather than phone calls.
The generational wealth transfer to Millennials and Gen Z introduces both risk and opportunity as many consider switching advisors. Firms like Merrill must build multigenerational relationships—and offer mobility‑friendly digital services—to retain next-gen clients.
Merrill combats this by offering “family boot camps,” multigenerational advisory grooming, direct dialogue with heirs, and utilizing digital onboarding platforms like Edge all to make the transition smoother.
Technology, specifically artificial intelligence, will play a role in retaining and acquiring clients. While AI won’t replace advisors quite yet, “We are arming client associates with tools that give them faster and more accurate answers, reducing wait time and increasing satisfaction,” says Hans. “AI also significantly speeds up pre‑meeting data gathering, freeing more time for personalized, strategic interaction.”
While Millennials and Gen Z are current and future clients, they also represent future wealth advisors. But while Lindsay believes that wealth management can be a robust, fulfilling career—many young people don’t yet see it as a viable path. She explains Merrill’s extensive investment in training: “We’ve had it for 70 years and we’re proud that we’re 2,500 people strong in our training program.” The goal is to recruit, onboard, mentor, and upskill new talent.
“The opportunity to learn and grow and help clients meet their dreams is really exciting,” she stated emphatically. With trillions transferring and demand soaring, wealth managers—and their clients—have more opportunity than ever to shape futures with purpose.
Hans concluded by discussing what excites her most about the industry and what she sees coming down the pike. “We don’t see the pace of wealth creation slowing down. We don’t see the need for advice slowing down,” Hans stated. “I think about the opportunity we have in all of our client-facing businesses to serve millions upon millions of Americans who need financial advice. That excites me and reminds me what a noble profession this is,” she concluded.
