Merrill Lynch's decision to appoint former Tower Trust Services managing director Peter Fredricson to the position of vice president, private client services is sign the company is serious about further expanding into the investment advice business.
Further evidence of this thrust is its series of television advertisements that are aimed at building up brand awareness.
Merrill Lynch, which bought Hendry Hay McIntosh more than a year ago, is primarily considered a sharebroking firm. However it has 19 staff, known as relationship managers, who provide investment advice, ranging from sharebroking to financial planning, to clients.
Fredricson says Merrill Lynch's goal is to offer a wide range of products, which will give investors real choices.
"We will appeal to a client base who are looking for a true one-stop shop," he says.
Merrill Lynch is powerful force in the United States market with more than 150 products on offer.
Fredricson says the products that are suitable for the New Zealand market will be introduced here.
"In two to three years we will have as much of that which works in New Zealand in New Zealand."
The first products likely to be rolled out include a United States-style wrap account, which is likely to make a significant impact on wrap accounts currently available in New Zealand, a cash management trust, that will be a base product, and discretionary funds management.
While Merrill Lynch has a lot of products it could offer in New Zealand the emphasis to start with will be on services, Fredricson says.
The first (low-key) product launch will be on October 1.
Merrill Lynch's decision to appoint former Tower Trust Services managing director Peter Fredricson to the position of vice president, private client services is sign the company is serious about further expanding into the investment advice business.