Bank of America Corporation today announced the launch of Merrill Edge, one of the cornerstones of the company's strategy to better meet the financial needs of consumers. Merrill Edge is a unique platform that brings together the banking strength of Bank of America and the investment insights of Merrill Lynch to help mass affluent consumers meet their life goals.
The mass affluent, one of the fastest growing segments of the market, are smart, savvy, confident, and pragmatic. These consumers like to feel in control and want solutions and services anytime, anywhere, to help them make confident financial choices. Merrill Edge offers resources, insightful financial guidance, and a convenient way to access both banking and investing accounts through Bank of America's network of ATMs, banking centers, and online, mobile and text banking services.
Today's launch completes the migration of Banc of America Investment Services, Inc.® self-directed accounts, Merrill Lynch Direct® and Merrill Lynch Financial Advisory Center® investment accounts onto the fully operational Merrill Edge platform and opens it to new clients, including nearly 11 million Bank of America customers who are part of the next generation of affluent Americans.
"We believe Bank of America and Merrill Lynch offer the best combination of value and capabilities in financial services with the ability to serve the full range of customer needs," said Joe Price, president of Consumer and Small Business Banking at Bank of America. "By bringing together the banking strength of Bank of America with the investment insights of Merrill Lynch, Merrill Edge can now offer our customers a way to view and access their banking and investing accounts online - any way they want - with access to a full array of solutions."
Complementing the Merrill Lynch Wealth Management (MLWM) and U.S. Trust businesses that serve affluent and high net-worth individuals, Merrill Edge broadens access to Bank of America, N.A. and Merrill Lynch products and services to provide comprehensive financial solutions to the next generation of affluent individuals.
"With the launch of Merrill Edge, we have the ability to offer financial advice and solutions to investors at all stages of their financial lives," said Sallie Krawcheck, president of Global Wealth and Investment Management at Bank of AmericAmericnk of America. "Whether it's a first plan or a multi-generational trust, we have comprehensive research, solutions, and, most importantly, the people, across the Bank of America enterprise to help investors realize their goals."
Merrill Edge clients can choose a self-directed investing account or an account through the Merrill Edge Advisory CenterTM for financial guidance. Merrill Edge offers:
* End-to-End Banking and Investing: One comprehensive view of accounts online (including 401(k) and brokerage from Merrill Lynch, and checking, savings, and credit cards from Bank of America) and the ability to move money between accounts in real-time.
* Convenience and Flexibility: Access to accounts via 18,000 ATMs, select banking centers coast-to-coast, priority servicing through our customer contact centers, mobile and text capabilities, and an online platform.
* Professional Guidance: Financial advice and guidance from one of the nearly 600 Merrill Edge Financial Solutions Advisors
* Intelligence and Insights: World-class BofA Merrill Lynch Global Research, third-party commentary, and market news.
* Full Range of Financial Solutions: Full suite of financial services, including banking and credit from Bank of America, and retirement and investment solutions from Merrill Lynch.
* Relationship Pricing: Pricing that rewards clients' full relationship across Bank of America, Merrill Lynch, and Merrill Edge accounts, including $0 self-directed online equity trades* for qualified customers.
This month Bank of America will begin piloting new banking solutions that range from a very simple banking solution for customers who want the basics to more comprehensive offerings for customers with more complex savings, borrowing, and payment needs. Bank of America is also planning to deliver a new recognition and benefits program that rewards customers for using Bank of America for more of their banking and Merrill Lynch for their investment needs. The new program, Platinum Privileges™, will offer higher levels of service and comprehensive rewards across banking and investing for customers who maintain $50,000 or more in deposit accounts with Bank of America or investment balances with Merrill Edge. The program is being piloted to new customers in Arizona, Georgia and Massachusetts and available to existing customers nationwide later this year.
"We continue to anticipate our customers' needs and will continue to pursue developing innovative solutions. Our goal is to bring them unrivaled capabilities and service," said Dean Athanasia, Mass Affluent and Small Business Segment executive at Bank of America. "The mass affluent are under pressure to meet the short-term responsibilities they face every day and at the same time invest in their long-term goals. This group wants to feel more in control and have told us that they want to call the shots, but at times need a sounding board. Merrill Edge Advisory Center clients can seek financial advice when and where they need it, and they'll have the security of knowing they can see and access their banking and investing accounts in one place, online, anytime, any way they want."
Merrill Edge Report
Bank of America today released the first-ever Merrill Edge Report, an in-depth analysis of the financial needs and concerns of consumers with $50,000-$250,000 in investable assets.
The report revealed how these consumers are struggling to make confident financial choices and meet their financial goals. Nearly half (45 percent) believe that they will never be wealthy, and a large majority believe that people with higher investable assets have greater access to banking and investing products and services (73 percent). These consumers cite their financial priorities as tracking and managing money/budgeting (72 percent), saving for retirement (67 percent), and balancing short- and long-term financial needs (63 percent). This group also turns to financial professionals (53 percent) and their bank/credit unions (49 percent) for financial advice.
"We designed Merrill Edge with the mass affluents' desire for more control and flexibility in mind," said Claire Huang, head of marketing for Global Wealth and Investment Management at Bank of America. "Today our clients benefit from access to the power of Bank of America and Merrill Lynch products and services to help them manage their finances and their future on their own terms."
An Aite Group Impact Note released December 2010 stated, "One thing is certain: The launch of this platform by Bank of America and Merrill Lynch, two dominant franchises in their respective industries, will have a lasting impact on the wealth management space."
Merrill Edge Report Methodology
Braun Research conducted the Merrill Edge Report survey by phone between Nov. 17, 2010 and Dec. 7, 2010 on behalf of Bank of America. Braun contacted a nationally representative sample of 1,000 consumers in the United States with investable assets between $50,000 and $249,999, and oversampled 300 consumers in San Francisco, Los Angeles, and Chicago. The margin of error is +/- 3.1 percent for the national sample and +/- 5.7 percent for the oversample markets, with both reported at a 95 percent confidence level.