Bank of America rolls out AI meeting system for advisers

Merrill and Bank of America Private Bank have rolled out an AI-based meeting system for financial advisers, deploying it at full scale across their wealth management operations.

Called AI-Powered Meeting Journey, the system is designed to support advisers and their teams before, during and after client meetings. It combines meeting preparation, note-taking for virtual sessions with client consent, and follow-up tasks based on the discussion.

Bank of America estimates the software could save advisers as much as four hours per meeting. Across millions of meetings each year, that suggests a significant shift in how adviser time is used within one of the largest wealth management groups in the US.

Workflow changes

The meeting preparation function searches internal information on client relationships and recent activity, then compiles those details into materials for an upcoming discussion. During virtual meetings, the summarisation feature records highlights and creates a shareable summary. The follow-up function then turns notes into tasks and supporting documentation.

The rollout is part of a broader effort to apply artificial intelligence to internal processes rather than direct investment advice. In wealth management, this reflects a wider industry push to reduce advisers' administrative work while keeping client-facing judgement in human hands.

Patricio Diaz, Chief Operating Officer at Merrill, described the launch as a notable step in that effort.

"AI‐Powered Meeting Journey represents a meaningful advancement in how the wealth management industry uses AI," Diaz said. "This latest solution empowers advisors to shift capacity toward activities that drive business growth and strengthen how we serve clients."

Broader AI spend

Bank of America spends USD $13.5 billion a year on technology, with USD $4 billion directed to new initiatives, including AI. The lender has invested in AI for more than a decade and has sought to reuse the same underlying systems across different business lines.

One example is Erica, the bank's virtual financial assistant, which has handled more than 3.2 billion client interactions since its launch in 2018. The same technology has also been used in internal tools, including ask MERRILL and ask Private Banking, which help staff find information and connect with colleagues.

That strategy matters because large banks are under pressure to show practical returns on AI spending. Rather than focusing only on headline consumer products, many are directing investment toward routine staff work such as research, documentation and meeting administration, where time savings can be measured more easily.

For Merrill and Private Bank, the focus is on adviser productivity. The bank says AI can create more time for client conversations, strategic planning and relationship management while maintaining the adviser's central role.

Shimna Sameer, Head of Products, Solutions & Platforms at Bank of America Private Bank, said early use had already changed day-to-day working patterns. "Early users of the Meeting Prep and Meeting Summarisation capabilities are already seeing significant improvements in their workflows," she said.

She added: "This is the time our teams are reinvesting into client engagement, with even more proactive guidance and meaningful support."

Industry context

The rollout comes as wealth managers, brokerages and private banks test how far generative AI can be introduced into highly regulated client businesses. Administrative support has emerged as one of the earliest use cases because it avoids some of the risks tied to automated recommendations or portfolio decisions.

Bank of America says advisers will remain central to client relationships even as AI use becomes more common. Its position is that software may improve efficiency, but cannot replace the judgment, empathy and personal understanding involved in financial advice.

The launch also underlines how AI is being embedded into existing staff workflows rather than offered as a separate tool. In practice, banks hope that the approach will improve adoption among employees already managing large volumes of client interactions and compliance requirements.

Bank of America serves nearly 70 million clients and has around 59 million verified digital users, giving it a large base from which to scale internal and client-facing technology. In wealth management, even modest time savings per meeting can translate into material gains when spread across a national adviser network and millions of client conversations each year.

The new meeting system is intended to give advisers more time for strategic planning and deeper client engagement.