Merrill Lynch begins its New Zealand assault

Merrill Lynch begins its long-awaited New Zealand roll out of financial planning products.

Sunday, November 15th 1998, 12:00AM

Giant United States full service brokerage firm Merrill Lynch has unveiled some of the products it intends offering to New Zealand investors.
First up are a cash management account and a US-style brokerage account that gives investors direct and immediate access to international markets.
Merrill Lynch vice president Peter Fredricson, who is head of private client services in New Zealand, says the products offered include, "what is arguably New Zealand's first true wrap account service for international investment activity for individual clients."

Investments can be held in multiple currencies and consolidated for reporting in a selected base currency.
"Our clients will have unprecedented opportunities to diversify their portfolios, manage risk and enhance their returns."
While the launch of a cash management account isn't anything out of the ordinary, it is one of the early building blocks for the roll out of other products.
In the US Merrill has about 150 products, including the cash management account which has features such as a Visa card, ATM access and reward points.
Fredricson says the initial products "are the first steps in delivering the global Merrill Lynch service to New Zealand investors."
Merrill is aiming to be a "one-stop-shop" for financial services in New Zealand.
Merrill Lynch, which bought Hendry Hay McIntosh more than a year ago, is considered one of the biggest market threats to existing players in New Zealand. Internationally it has a strong presence in all the markets it operates in, plus it can leverage off US-based product development and trends.
It operates in 45 countries and has private client assets of more than $1 trillion. "It is the undisputed leader in planning based financial advice and management for individuals and small business."
Currently the firm has 19 relationship managers (financial consultants) which provide advice from sharebroking through to financial planning.
Fredricson says the company will roll out these first products to its existing customers, and it will start targeting other investors in the New Year.

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