Bank of America says it plans to open 600 more Merrill Edge investment centers, giving it an anticipated total of 2,800 nationwide by 2020. This effort will include adding 300 new Financial Solutions Advisors, so the firm will have 4,000 Merrill Edge representatives by year-end.
Since its launch in 2010, the do-it-yourself online and advised programs have grown to include nearly $185 billion in client assets.
Merrill Edge offers clients access to both do-it-yourself online and advised investing, trading, brokerage and banking services. Since its launch in 2010, Merrill Edge has grown to include $184.5 billion in assets and some 2.4 million accounts.
“Our goal is to serve our clients in ways most convenient to them, and we have both the brick and mortar and the digital presence to do just that,” Aron Levine, head of Merrill Edge at Bank of America, in a statement.
The banks plans to add the 600 new Merrill Edge centers to new and existing Bank of America financial centers.
Merrill Edge investment centers will be built within new financial centers opening in Cleveland, Cincinnati and Columbus, Ohio; Indianapolis; Lexington, Kentucky; Pittsburgh; and Salt Lake City. They also will be added to existing financial center in Chicago; Houston; Kansas City, Kansas; Los Angeles; Miami; Minneapolis; New York; Philadelphia; San Francisco; and San Jose.
BofA has 4,500 financial centers today, including 2,200 with Merrill Edge Financial Solutions Advisors.
“Our clients have asked for seamless integration of their Bank of America banking and Merrill Edge investing, and appreciate being recognized and rewarded for their relationship,” Levine said. “We continue to listen and deliver, enabling us to grow responsibly and meet our clients’ evolving needs.”
— Check out FINRA’s Susan Axelrod Heads to Merrill on ThinkAdvisor.