Merrill will offer a combination of advisors, tools and know-how to help its clients from all walks of life and the entire wealth spectrum through Merrill Edge Self-Directed, Merrill Guided Investing, and Merrill Lynch Wealth Management.
Bank of America consumer banking and investments head Aron Levine said: “This offering completes a powerful continuum of wealth management capabilities virtually unmatched in the industry.
“This new high-tech and high-touch offering is designed to serve clients who want both a ‘do it yourself’ experience together with help from an advisor.”
The bank’s new platform will enable clients to work with a Merrill FSA in identifying their life priorities, chart a course to pursue their financial goals and to track the progress of those goals.
It will allow customers to access 25 investment strategies built and managed by experts within the company’s Chief Investment Office (CIO), compared to 15 strategies offered through the digital-only version of Merrill Guided Investing.
Furthermore, the new offering enables clients to open an account with $20,000 for Merrill Guided Investing with an advisor, and $5,000 for Merrill Guided Investing.
When a client opens an account, he or she will specify a goal and based on that information, the client will receive a recommended investment strategy designed by a team of experts. The client will also be presented with options to open and fund the account or schedule appointment with an FSA to further discuss their financial goals.
The Bank of America CIO will develop and update the investment strategies, recommend asset allocations and perform due diligence to find the right type of ETFs or mutual funds for the portfolio. Rather than rebalancing portfolios based on a set schedule or fixed price target, the CIO will adjust portfolios based on capital market assumptions, opportunities and other specific investment decisions.
Merrill Lynch wealth management president Andy Sieg said: “Over the past few years, we’ve continued to enhance the client experience by investing in new digital capabilities and in our investment advisory platform.
“This offering gives clients and prospects the opportunity to seamlessly move from a digital offering to a full-service advisory relationship when the time is right, connecting them to everything they need.”
