The Consumer Investments business of Bank of America has reached a significant new milestone, with more than $500 billion in client assets.
It represents growth of more than 10 times its starting point a decade ago and includes more than four million client accounts with Merrill Edge Self-Directed and Merrill Guided Investing. Clients have access to the firm’s technology-powered platforms as well as more than 3,000 advisors.
"The launch of Merrill Edge over a decade ago solidified our competitive advantage enabling us to fully meet the banking, lending and investing needs of all 69 million consumer and small business clients," said Aron Levine, President of Preferred Banking. "Together with Merrill and Bank of America Private Bank, we're using the power of Bank of America to help clients build wealth and manage their entire financial lives."
BofA says that Gen Z and Millennial clients make up one third of its Consumer Investments account holders with more than half of these opting for Merrill Guided Investing accounts.
Merrill Edge Self-Directed launched in 2010 and today embraces the power of AI to sort data into personalized dashboards for clients and to help clients find, validate, and monitor their investing ideas to inform their investment decisions.
Merrill Guided Investing is a relatively new addition, launching in 2017, with investment strategies overseen by experts, while an option added in 2019 combines he digital platform with guidance from a financial solutions advisor.
"Our high-tech, high-touch approach sets us apart and the number of Consumer Investments accounts has continued to increase every year as clients enjoy our advanced digital platform," said Matt Gellene, Head of Consumer Investments and Employee Banking & Investments. "They also appreciate access to our financial specialists, with more than 80% of new accounts being opened after meeting with one of our Financial Solutions Advisors."
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