BofA’s Consumer Investments Surpasses $500 Billion in Assets as Clients Choose High-Tech, High Touch Approach to Managing Finances

“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.”

You are viewing: BofA’s Consumer Investments Surpasses $500 Billion in Assets as Clients Choose High-Tech, High Touch Approach to Managing Finances

Currently, 33% of all Consumer Investments accounts are held by Gen Z and Millennial clients, and these young adults represent over half (52%) of all Merrill Guided Investing accounts.

A recent report from Bank of America Institute found nearly three-in-five (58%) Gen Z and Millennials are teaching themselves how to invest. Other sources of investing knowledge include their parents (41%), financial professionals (28%), and learning in school (26%).

When launched in 2010, Merrill Edge Self-Directed gave Bank of America clients access to Merrill’s personalized guidance and exclusive tools. Since its launch, Merrill Edge Self-Directed has filled a gap in the marketplace, helping clients confidently put their investing ideas into action by offering personalized guidance, insights and tools such as:

• Dynamic Insights, an AI-driven experience that sorts through the large quantity of data that is available to investors to create a personalized dashboard of timely, relevant market information and personalized portfolio insights based on each client’s unique investing style and preferences.
• Idea Builder, an AI-driven innovation that helps clients find, validate, and monitor their investing ideas. Whether clients are new to investing or more experienced, Idea Builder helps investors make more informed and confident investing decisions.

In 2017, Bank of America clients gained access to Merrill Guided Investing, a goals-based advisory program and one of the first online platforms to provide convenient digital access to investment strategies that are developed and managed by experts, rather than algorithms. Merrill has steadily invested in the platform, including rolling out Merrill Guided Investing with Advisor in 2019, which combines the digital platform with guidance from a financial solutions advisor.

See more : Knowledge Management Firm Northern Light Secures $23M Growth Investment From LoneTree

Bank 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 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 58 million verified digital 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 4 million small business households 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 more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).

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, registered investment adviser, Member Securities Investor Protection (SIPC)popup and a wholly owned subsidiary of Bank of America Corporation (“BofA Corp.”).

Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation (“BofA Corp.”).

Are Not FDIC Insured	Are Not Bank Guaranteed	May Lose Value
See more : True Religion Acquired by American Eagle CEO-Chaired Investment Firm Are Not Deposits	Are Not Insured by Any Governmental Agency	Are Not a Condition to Any Banking Service or Activity

Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation (BofA Corp.).

“Bank of America” is the marketing name for the global banking and global markets business of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. is registered as a futures commission merchant with the CFTC and is a member of the NFA.

Andy Aldridge, Bank of America
Phone: 1.980.387.0514
[email protected]