Bank of America has expanded the number of model portfolios on its investment advisory platform, putting the total number of these portfolios above 225.
The news comes one day after BofA said Merrill Lynch clients could use its mobile banking app for functions like making trades and checking the balance of their retirement accounts; its virtual assistant, Erica, also can connect clients to an advisor.
The latest model portfolios in the Merrill Lynch Investment Advisory Program lineup include those built by Capital Group, Eaton Vance, Invesco, John Hancock Investment Management, Nuveen, PGIM, Pimco and WisdomTree.
(Related: How to Choose a Model Portfolio)
In addition, BlackRock, JPMorgan, Franklin Templeton and Natixis Investment Managers have expanded the model portfolios they offer on the platform.
The model portfolios have a minimum investment of $50,000, except for a subset aimed at high-net-worth investors; the HNW portfolios, which are made up of separately managed accounts and exchange traded funds. require a $1.5 million minimum investment.
According to the wirehouse, its advisors and their clients now “gain access to an expanded mix of active, passive and hybrid strategies, informed by and measured against the strategic asset allocation guidance from the company’s Chief Investment Office (CIO).”