Bank of America builds out its Merrill investing platform

Bank of America ’s investing platform, Merrill Edge Self-Directed, this month added its new Idea Builder tool to provide customers with professionally screened investing ideas, research and securities. Idea Builder has a list of 160 securities tied to issues like climate change, the COVID-19 pandemic and cybersecurity. When a user selects a sector of interest, they are shown the relevant securities, trends and information that have been pre-screened by Merrill Edge professionals. “This is really to ensure that we're providing all of the best research and thought leadership to our clients to help them get started with finding an investment,” said Cory Triolo, head of digital experience at Bank of America. Investors can search themes and sectors, and are provided insights about key companies and emerging trends in the market. The platform also gives insights about investing in environmental, social and governance (ESG) sectors so that investors can diversify their portfolios. Merrill Edge Self-Directed saw its trading volume increase 180% in the second quarter and customers accessed education and thought leadership content 25 times more frequently during the pandemic, according to the bank. The platform has more than 3 million users and the number of new users has surged since the start of the year, with 330,000 newly opened accounts. One-third of the platform’s investors are under the age of 35. The Idea Builder feature builds on previously launched enhancements to Merrill Edge Self-Directed, which has nearly $250 billion in assets under management. The AI-based Dynamic Insights tool was added to its platform in May, delivering analysis and personalized content to customers. The tool “learns based on each individual client’s behavior and use to customize and prioritize content from across our platform,” Triolo previously told FinAi News. See also: Bank of America scored 418 technology patents in 2019 And last year the wealth management platform added Merrill Guided Investing with an advisor to provide customers a hybrid human-digital product. “This high-tech and high-touch offering is designed to serve clients who want both a ‘do it yourself’ experience together with help from an advisor," said Aron Levine, president of preferred and consumer banking and investments at Bank of America. FinAi News Build , which takes place Sept. 9-10 as a virtual experience, is a must-attend industry event for professionals overseeing financial technologies, product experiences and services. Register here .

Bank of America builds out its Merrill investing platform

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