Types of financial advisors and financial advice providers: understanding your options
When searching for financial guidance, you'll encounter many different titles and service models. Financial planner, financial advisor, wealth manager, investment advisor — the terminology can be confusing. More importantly, the level of service and resources available can vary dramatically depending on where your advisor works.
Understanding these differences will help you choose the right type of financial guidance for your needs and goals.
The personal touch of a dedicated advisor
- A Merrill advisor takes the time to know you, your family, your priorities and goals, helping you stay on track and can connect the pieces to proactively help you put a plan in place
- Regular reviews and proactive communication — our advisors use our proprietary Personal Wealth Analysis tool to provide a personal written plan with powerful analytics that help you visualize your finances and update as life evolves
- Behavioral coaching and guidance during market uncertainty
- Personalized financial planning approach
- Personal financial strategy implemented with a customized portfolio
Plus the resources of a major institution
- Access to a vast array of investment choices, including alternatives and private market offerings
- Access to Bank of America lending specialists and wealth transfer planning specialists
- Access to Bank of America's full suite of banking services
- Access to BofA Global Research's proprietary research
- Advanced technology platforms and tools
This combination means you don't have to choose between personalized service and institutional resources —you have one point of contact for both
What type of advisor is best for you?
Questions to consider
- How complex are your financial needs?
- Do you prefer human guidance or are you comfortable with technology-driven solutions?
- What level of investment access do you need?
- How important is having a personal relationship with your advisor?
- Do you need specialized services like wealth transfer planning or custom lending?
Your decision should be based on:
Your financial situation
More complex financial needs, including managing multiple goals, typically benefit from comprehensive advisory service.
Complexity of your situation
Multiple income sources, business ownership or complex family situations may require dedicated professional help.
Your comfort level
Consider whether you prefer managing more on your own or want comprehensive guidance, behavioral coaching and access to specialized investments and resources.
Your goals
Simple retirement saving versus comprehensive wealth management require different approaches.
Next steps
If you're considering working with a dedicated advice provider with broader resources, a Merrill advisor can help you evaluate whether our comprehensive approach aligns with your financial goals, complexity and preferences.
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If you are a client or your inquiry is service related, you'll be better served at our contact us page.
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Alternative investments are speculative and involve a high degree of risk.
Alternative investments are intended for qualified investors only. Alternative investments such as derivatives, hedge funds, private equity funds, and funds of funds can result in higher return potential but also higher loss potential. Changes in economic conditions or other circumstances may adversely affect a client’s investments. Before a client invests in alternative investments, they should consider their overall financial situation, how much money they have to invest, their need for liquidity, and their tolerance for risk.
Investments in private markets involve a high degree of risk and therefore should only be undertaken by qualified investors whose financial resources are sufficient to enable them to assume these risks and to bear the loss of all or part of their investment. Investments in private markets include significant risks not otherwise present in public market investments. Furthermore, private market investors are afforded less regulatory protections than investors in registered public securities.
BofA Global Research is research produced by BofA Securities, Inc. (“BofAS”) and/or one or more of its affiliates. BofAS is a registered broker-dealer, Member SIPC, and wholly owned subsidiary of Bank of America Corporation.
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