Merrill Edge to Push Financial Planning for Mass Affluent

BofA says it has more than 1,500 financial advisors working in the mass affluent Merrill Edge business. The number of traditional Merrill Lynch advisors is about 16,415; including the Merrill Edge advisors, who are classified as part of BofA’s Consumer Business & Banking unit, BofA has a total of about 20,410 client-facing professionals.

“We understand that our clients have unique financial situations and personal goals that evolve with time,” said Prasad. “Merrill Edge Roadmap will help them to identify and pursue these evolving goals throughout their lifetime—from entering the workforce to preparing for retirement.”

According to Merrill, the Roadmap plan includes a one-on-one conversation between a client and a licensed Merrill Edge Financial Solutions advisor in order to clarify financial details, like savings, income and expenses. This is followed by a discussion about retiring, saving for college, putting together emergency funds, saving for a large purchase or accumulating wealth.

After these steps, the client receives a financial action plan with specific investment recommendations. Going forward, the client will receive reports outlining progress being made toward the achievement of specific goals and will be able to meet with their advisors for “course corrections” every six months or so.