Roughly 1,500 of the advisors worked in the bank branches.
In 2015, Merrill Edge had 2,500 advisors working in bank branches and call centers. The aim of the tool is to convince people to save for retirement earlier because a study has shown that younger people who think of themselves being older save more. In 2012, Merrill Edge released Face Retirement, a product that age progresses a submitted photo of a person.
Merrill edge windows#
Bank of America marketed Merrill Edge on their locations' windows and automated teller machines. Bank of America added videoconferencing kiosks to their bank branches in the Los Angeles metropolitan area and the Washington metropolitan area to promote Merrill Edge and to allow customers to receive counsel from employees based in Arizona, Florida, and New Jersey. It accumulated the assets through three main avenues: existing Bank of America customers (which accounted for around a third of the assets held), Merrill Lynch referrals (which accounted for a marginally higher proportion of the assets), and marketing (which accounted for the rest). In 2015, the five-year-old Merrill Edge had $118 billion in 2 million customers' investable assets. Bank of America aimed to build brand loyalty among these younger investors who generally have strong technical skills and appreciate a higher degree of openness and personal oversight of their accounts. īank of America launched the product to compete with Charles Schwab Corporation and Fidelity Investments for the numerous fledgling investors unprepared for comprehensive advice. At its inception, Merrill Edge had 500,000 customers from Bank of America's current clients. It merged Bank of America's online investing platform (Quick & Reilly) and Merrill Lynch's research, investment tools, and call center counsel. Created after Merrill Lynch became a subsidiary of Bank of America in 2008, it contains the Merrill Lynch name and its employees are included in Merrill Lynch's number of employees. Launched on June 21, 2010, Merrill Edge is a "a no-frills brokerage unit" of parent company Bank of America's retail banking division. Merrill Edge receives revenue from interest income on cash and margin balances, commissions for order execution, management services, and it does not engage in payment for order flow. The firm focuses on the mass affluent market. Merrill Edge offers a wide range of investment products, including stocks, bonds, exchange-traded funds (ETFs), margin lending, mutual funds, and options.Īs of 2022, Merrill Edge held $320 billion in assets from 3.5 million clients, and employed 4,000 advisors working in bank branches and call centers. It is a subsidiary of Bank of America and was launched in 2010 after the merger between Merrill Lynch and Bank of America.
Merrill Edge is an electronic trading platform and investment advisory service that provides self-directed and guided investment options for individuals and businesses.
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