BAML shuns algorithms for digital investment platform
09 February 2017 | 4260 views | 0
Bank of America Merrill Lynch is tapping the expertise of its investment officers, rather than algorithms, for the US launch of its online advisory platform.
While other digital wealth managemers rely on the sophistication of their robot advisors to draw up customised portfolios, Merrill Edge Guided Investing provides access to strategies that are built and managed by the bank's Global Wealth and Investment Management (GWIM) Chief Investment Office to help clients pursue their financial goals.
Aron Levine, head of Merrill Edge, says: “Not all investors are alike, and neither are all online advisory platforms. We recognise that investors have different needs, preferences, and levels of complexity in their lives. Merrill Edge Guided Investing is our way of bringing together advice and technology to create stronger relationships with investors.”
Beginning with a minimum stake of $5000, clients specify an investing goal, and, based on the information they provide, receive a recommended investment strategy designed by a team of Merrill Lynch investment experts. They are then presented with options to open and fund the account.
Said David Poole, head of Merrill Edge Advisory and Client Services: “By using innovative technology backed by the expertise of Merrill Lynch’s investment professionals, clients can take concrete steps towards meeting specific investing goals, with an easy-to-use online experience and professionally managed portfolios — all with a low minimum investment.”