Celent Names Bank of America a Leader in Wealth Management Innovation

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The FINANCIAL — Bank of America announced that it has been recognized by Celent, a global research and advisory firm for the financial services industry, with the 2022 Model Wealth Manager award for Client Experience.

Celent’s annual awards program recognizes financial institutions as ‘model wealth managers’ for enriching the wealth management client journey and experience across digital and physical channels. Winning initiatives must demonstrate clear business benefits, innovation, and technology or implementation excellence.

The Bank of America mobile app was recognized by Celent for the individualized, comprehensive view clients have of their finances, making it easy to track and manage their financial lives digitally and in one place. The bank has brought multiple apps and functionality into the Bank of America app, helping drive record digital engagement across its 54 million verified digital users.

“Our team works every day to provide a full suite of digital capabilities that allow clients to easily manage their full financial picture with us,” said David Tyrie, Chief Digital Officer and Head of Global Marketing at Bank of America. “This recognition reinforces our approach to providing clients with solutions that help make their financial lives better.”

According to Bank of America, Celent also recognized Merrill’s Digital Wealth Overview as “a great example of a technology that delivers a personalized, digitized client experience at scale.” Digital Wealth Overview offers clients an interactive way to view their financial picture with a video presentation narrated by Erica, the company’s virtual financial assistant. The report can draw in Merrill investment accounts, Bank of America banking accounts, and any externally linked accounts to give clients a more complete view of their finances.

“The Bank of America mobile app is a perfect example of a digital solution that serves to enhance the client experience while also creating increased operational efficiency. The app has been widely received, and makes it easy for clients to access and view their financial holdings, communicate with their advisors, and gain visibility into other targeted products and services,” said Jean Sullivan, wealth management team leader at Celent. Sullivan added, “Merrill Digital Wealth Overview is also an exciting development for clients and advisors, with multiple opportunities for enhancement.”

Nominations are submitted by financial institutions and undergo a rigorous evaluation process by Celent analysts. Celent judges submissions on three core criteria: demonstrable business benefits of live initiatives; the degree of innovation relative to the industry; and the technology or implementation excellence.


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