Saturday, March 3, 2007 clinches 25k seat deal with Merrill Lynch, the online CRM provider, announced on Feb 27 that Merrill Lynch has signed up for a 25k user license. Merrill will be using the new "Wealth Management" module.

Actually Deutsche Bank's PWM division had also signed up with some time back. But I don't think it is for the "Wealth Management" module. The service is to be branded internally as dbForce.

Private wealth management (PWM) firms provide asset management and advisory services to High-Net-Worth (HNW) and Ultra-HNW individuals and families. The definition of HNW, at least in Deutsche Bank's PWM division is 1 million euros in liquid assets. So the calculation does not count the value of your home etc.

Out there on ZDNET's excellent Between the lines blog run by Dan Faber, Larry Dignan and David Berlind, they are speculating that is now going head-to-head against Bloomberg. Frankly, I don't agree with it.
1.) The information requirements of PWM advisors are quite different from the traders/brokers in the core Trading divisions of investment banks, funds and other investment firms. PWM advisors take a longer term view to investment and do not require bleeding-edge real-time access to financial news, unlike the proprietary trading desks in banks. Online applications cannot guarantee the necessary technical performance currently provided by Bloomberg apps.
2.) Bloomberg owns this space and the cost of these data services is NOTHING compared to the potential loss in profits if is down. Those traders make the necessary monthly Bloomberg costs in 5 mins of trading.
3.) I don't think Merrill Lynch Sales & Trading dealers will be using More likely it is only the PWM division

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