- Merrill Guided Investing with an
advisor Offers High-Tech, High-Touch Experience
- Preferred Pricing for Preferred Rewards
Members
Bank of America today announced the launch of Merrill Guided
Investing with an advisor, a new offering that will deliver advice
and guidance to clients through a Merrill Financial Solutions
Advisor (FSA) and an enhanced digital platform.
“This offering completes a powerful continuum of wealth
management capabilities virtually unmatched in the industry,” said
Aron Levine, head of Consumer Banking and Investments for Bank of
America. “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.”
Merrill delivers a combination of tools, people and the know-how
to help clients in all life stages and across the entire wealth
spectrum through Merrill Edge Self-Directed, Merrill Guided
Investing, and Merrill Lynch Wealth Management. The expansion of
Merrill Guided Investing to include the option to work with an
advisor enables clients to:
- Work with a Merrill Financial Solutions
Advisor (FSA) to identify their life priorities, chart a course
toward pursuing their financial goals, and track progress toward
those goals.
- 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.
- Open an account with $20,000 for
Merrill Guided Investing with an advisor, and as little as $5,000
for Merrill Guided Investing.
- Pay an annual fee of 0.85 percent for
Merrill Guided Investing with an advisor, compared to 0.45 percent
for Merrill Guided Investing, with additional discounts available
via the Bank of America Preferred Rewards program. Other fees may
apply.1
Merrill Guided Investing with an advisor will be offered through
FSAs in Bank of America financial centers, Merrill Advisory
Centers, and Merrill offices around the country. To further support
this continuum of capabilities, in April, the company announced
plans to hire over 300 FSAs to be located in Merrill offices this
year, adding to the 2,700 FSAs currently on staff. Clients with
more sophisticated financial needs will be referred by FSAs to one
of Merrill Lynch Wealth Management’s nearly 15,000 financial
advisors nationwide.
“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,” said Andy Sieg, president of Merrill
Lynch Wealth Management. “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.”
How Merrill Guided Investing with an advisor works
When opening an account, clients specify a goal, and, based on
the information they provide, receive a recommended investment
strategy designed by a team of experts. They are presented options
to open and fund the account or schedule an appointment with an FSA
to further discuss their financial goals.
The CIO develops and updates the investment strategies,
recommends asset allocations, and performs due diligence to find
ETFs or mutual funds to fit the portfolio. Rather than rebalancing
portfolios based on a set schedule or fixed price target, the CIO
adjusts portfolios dynamically based on capital market assumptions,
tactical opportunities and other specific investment
decisions.2
Clients of the Merrill Guided Investing offerings are eligible
for an annual program fee discount of up to 0.15 percent if they
are members of Bank of America’s Preferred Rewards program,
which rewards clients for their entire relationship with Bank
of America and Merrill.3
Ongoing enhancements to the Merrill Guided Investing
platform
Launched in February 2017, Merrill Guided Investing was one of
the first online platforms to combine a convenient digital
experience with access to investment strategies developed and
managed by experts, rather than algorithms. Since then, the company
has invested steadily in the Merrill Guided Investing platform:
- In March 2019, Merrill Guided Investing
launched a new feature that allows clients to set and adjust
personalized goal targets – whether for retirement, large purchases
or other goals – and learn whether they are on track to achieve
them. External assets, including Social Security benefits, can be
added to help clients estimate future income as they assess their
goals.
- Late last year, impact portfolios –
through which clients can align their investments to their values –
were added as an investment option within Merrill Guided Investing.
Since then, 20 percent of new clients have selected this investment
option.
- Today, Merrill Guided Investing also
includes real-time cash transfers; easy withdrawals; and connected
banking and investing, which makes it easy to view and transact
within and between Merrill Guided Investing and Bank of America
accounts.
- Combined client balances for the
company’s guided investing and self-directed platforms were
approximately $211 billion as of March 31, 2019.
1 Merrill Guided Investing and Merrill Guided Investing with
advisor have an annual program fee of 0.45% and 0.85%,
respectively, based on the assets held in the account. This fee is
charged monthly in advance. In addition to the annual program fee,
the expenses of the investments will vary based on the specific
funds within each portfolio. Actual fund expenses will vary; please
refer to each fund's prospectus.
Sales of ETFs are subject to a transaction fee of between $0.01
and $0.03 per $1,000 of principal. There are costs associated with
owning ETFs and mutual funds. To learn more about pricing, visit
www.merrilledge.com/pricing.
2 Managed Account Advisors LLC, Merrill's affiliate, is the
portfolio manager responsible for implementing the Merrill Guided
Investing strategies for client accounts based on the CIO’s
recommendations.
3 Preferred Rewards is a comprehensive loyalty program based on
a client’s full relationship across Bank of America’s banking and
investing programs. More than 5.5 million clients are currently
members of Preferred Rewards, with combined client banking and
investment assets over $450 billion.
Bank of AmericaBank of America is one of the world’s leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range
of banking, investing, asset management and other financial and
risk management products and services. The company provides
unmatched convenience in the United States, serving approximately
66 million consumer and small business clients with approximately
4,400 retail financial centers, including approximately 1,800
lending centers, 2,200 financial centers with a Consumer Investment
Financial Solutions Advisor, and 1,500 business centers;
approximately 16,400 ATMs; and award-winning digital banking with
more than 37 million active users, including over 27 million mobile
users. Bank of America is a global leader in wealth management,
corporate and investment banking and trading across a broad range
of asset classes, serving corporations, governments, institutions
and individuals around the world. Bank of America offers
industry-leading support to approximately 3 million small business
owners through a suite of innovative, easy-to-use online products
and services. The company serves clients through operations across
the United States, its territories and approximately 35 countries.
Bank of America Corporation stock (NYSE: BAC) is listed on the New
York Stock Exchange.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America
newsroom. Click here to register for news email
alerts.
www.bankofamerica.com
Merrill, its affiliates, and financial advisors do not provide
legal, tax, or accounting advice. You should consult your legal
and/or tax advisors before making any financial decisions.
Banking products are provided by Bank of America, N.A., and
affiliated banks, Members FDIC and wholly owned subsidiaries of
Bank of America Corporation.
Merrill Lynch, Pierce, Fenner & Smith Incorporated (also
referred to as “MLPF&S” or “Merrill”) makes available certain
investment products sponsored, managed, distributed or provided by
companies that are affiliates of Bank of America Corporation (“BofA
Corp.”). MLPF&S is a registered broker-dealer, Member SIPC and
a wholly owned subsidiary of BofA Corp.
Investment products:
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May Lose Value
© 2019 Bank of America Corporation. All rights reserved.
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Reporters May Contact:Susan Atran, Bank of America,
1.646.743.0791susan.atran@bankofamerica.com
Matt Card, Bank of America,
1.617.434.1388matthew.card@bankofamerica.com
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