Merrill Lynch has signed a contract with information vendor Thomson Financial to jointly develop and implement a wealth management system. Specific terms of the contract were not disclosed.
The Wealth Management Technology solution will combine Thomson Financial's market data, news and portfolio management tools with risk and client relationship management (CRM) features from other providers. The system will also include a redesign of Merrill Lynch's client websites.
Lou Eccleston, president, sales and trading, Thomson Financial, says: "It will be a totally integrated system with superior technology, content and greater efficiency of system architecture."
He believes the system will exceed the needs of the bank's users, which are expected to number more than 25,000.
John Cummings, chief operating officer, Merrill Lynch's global technology & services group, adds: "This will be a totally integrated system, enabling our financial advisors to interact with clients, manage relationships, and have immediate access to information."