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How does Merrill Lynch keep getting customers?
Merrill Lynch recently lost around $8 billion of their own money on bad investments in their in-house accounts. Their "Merrill Lynch" branded mutual funds have never done well. Obviously, the work done by their research department is worse than worthless. So why don't their customers jump ship? How do they keep getting new ones?
2 Answers
- Anonymous1 decade agoFavorite Answer
Good question.
1) Merrill Lynch is a powerful marketing machine. They appeal to people's egos by making them feel important and holding their hand.
2) The appeal to the brokers is "unlimited income potential." Most brokers don't last for more than 5 years, but clients they bring in stay on.
3) Industry consolidation.
The ironic thing is that years ago they looked down at Charles Schwab as somebody who was there to take care of "small accounts". Charles Schwab is about to overcome Merrill in assets under management.
- Greg SLv 51 decade ago
The answer is they are a household name and have great marketing. It is interesting to me that so many people don't do their homework when it comes to financial things, you are absolutely correct they have a horrible track record.
