Merrill launches new tool allowing advisors to record, share custom videos

Bank of America Merrill Lynch has a new technology that makes it easier for financial advisors to use video to connect with clients and prospects.

Merrill Video Pro provides the wirehouse’s advisors with a virtual video studio where they can create scripts, record short (between 45 and 60 seconds) video messages and share them across social media, via email or embedded in their email signature. The company also plans to host the videos on Advisor Match, the digital service it launched in October to help connect investors looking for advice with a Merrill broker.  

Scripts and videos are automatically shared with compliance teams for quick review and approval, making the entire process as simple as possible for advisors, said Casey Franz, head of platforms and capabilities at Merrill Lynch. Advisors can create and deliver a fully compliant, customized and authentic videos in a single day, Franz said.

“We’re not here to say video is cutting-edge or innovative — we’ve all been using Facetime and Zoom [video conferencing] for a long time,” Franz said. “What we’re really touting here and what we’re super proud of is that end-to-end scalable platform.”

Video communication exploded during the coronavirus lockdown, and 49% of financial advisors are creating video content weekly, according to a survey by Socialive, a cloud-based video creation company. Nine out of 10 wealth management firms plan to create more videos in the next 12 months, primarily to engage with clients and prospects, and 83% have noticed an increased demand or preference to communicate via video.

Time constraints are the biggest factor keeping advisors from adopting video. Only 20% said they can create video content independently within their department, and 97% said remote production solutions would help them increase output, Socialive found.

Video Pro hopes to address these challenges by giving advisors everything they need to create videos directly from their existing desktop and mobile platforms. Advisors choose from a library of video templates and editable scripts, such as “advisor story” videos and evergreen topics like retirement planning. Advisors can also write their own, completely custom script if they like, but each video does need a formal script approved by compliance, Franz said.

After approval, the script is loaded into a teleprompter and automatically scrolls when the video starts recording. Video Pro will also walk advisors through creating a thumbnail image of the video to share and recommend titles, though those can be customized as well. All necessary disclosures and branding will be automatically inserted into the end of the video, and the advisor’s supervision team will get a final review before it can be sent.

Merrill is also providing some additional coaching and support to financial advisors who may be new to digital video, such as advice on how to prepare their background, production tips and best practices for speaking on camera, said Dan Saperstein, director of digital sales enablement marketing at Merrill Lynch.

“We have certain recommendations for a camera, ring light and potentially a microphone if they want to use it,” Saperstein said, though Video Pro is designed to operate with the technology built into the laptop provided by the firm.