Bank of America has announced that its Consumer Investments business now holds over $500 billion in client assets, marking a significant increase since its inception ten years ago. This growth includes nearly 4 million client accounts utilizing Merrill Edge Self-Directed and Merrill Guided Investing platforms.
Aron Levine, President of Preferred Banking, stated, “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.” He added that Bank of America is leveraging its resources to assist clients in wealth building and financial management.
Clients have shown a preference for managed account options tailored to their specific investment needs. The high-tech, high-touch approach offered by the Merrill Edge platform is supported by more than 3,000 financial solutions advisors available across the bank's network of over 3,700 financial centers. Bank of America has plans to expand this network further.
Matt Gellene, Head of Consumer Investments and Employee Banking & Investments noted that "our high-tech, high-touch approach sets us apart," highlighting that more than 80% of new accounts are opened following consultations with Financial Solutions Advisors.
Young adults from Gen Z and Millennials constitute 33% of all Consumer Investments accounts. They also make up over half (52%) of all Merrill Guided Investing accounts. A report from Bank of America Institute revealed that many young investors are self-taught or learn from parents and professionals.
Merrill Edge Self-Directed was launched in 2010 to provide personalized guidance and tools for investors. Features like Dynamic Insights and Idea Builder offer AI-driven support for informed decision-making. In 2017, Bank of America introduced Merrill Guided Investing for digital access to expert-managed strategies.
Bank of America remains a prominent global financial institution offering a comprehensive range of services worldwide. Its stock is listed on the New York Stock Exchange under BAC.