merill lynch

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merill lynch submitted by: INTRODUCTION About Merrill Lynch: The wealth management division of Bank of America is currently known as Merrill Lynch. It comprises of 15,000 financial advisors and $2.2 trillion in client assets; it is the world's largest brokerage. Earlier the firm was publicly owned and traded on the New York Stock Exchange under the ticker symbol MER. In Brief: In this particular case study we find that Merrill Lynch has introduced a new client relationship technique called the Supernova at the Merrill Lynch’s Indianapolis offices. This practise was implemented on a trial basis and generated a positive and vibrant response between the financial advisors (FA’s) and their customers. But on the…show more content…
Organizational Leverage Point: Another drawback that was seen in implementing supernova was that, there was no transparency in the mind of the FAs whether the solutions given to them by their managers were beneficial to the managers themselves or to the FAs. The FAs in Merrill Lynch were divided into 3 groups 20% of the FAs were in favour of Supernova and adopt it quickly as possible 20% were unlikely to adopt it Rest 60% who weren’t aware of it needed to be coached about Supernova which was time consuming. Follow up/support Some of the risks involved were that they risked their relation with the clients as the clients were not satisfied with them .Secondly, Supernova believed that in order to enjoy full benefits and improved quality of life-one should fully adopt the process. Expectation of clients Supernova was able to achieve customer satisfaction by keeping them happy. With Supernova they created a customer pyramid as those who adopted supernova were more satisfied than those who didn’t. Customer satisfaction level rose as their complaints were immediately taken into account. Changing Roles of some FA's FAs were different in their approach towards client. Traditional FAs recommended investment whereas the new FA's focused on providing consultative services, examining risks to rewards as
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