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bank of america merrill lynch open account

How do I open an investment account with Merrill Edge? Clients can now move seamlessly from opening a checking account, to adding a Merrill Edge online brokerage account, to turning to a Merrill. This account of Mr. Montag's tenure at Bank of America, In 2008, Mr. Montag joined the brokerage firm Merrill Lynch to run its markets.

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Bank of America

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Cerulli Associates

The Charlotte super bank's plan to add 600 branches builds on success but recruiters say lingering tension between Merrill and Merrill Edge advisors is more of a factor than the bank admits

Brooke's Note: Say what you like about Merrill Lynch and Bank of America but the co-brand seems to make move after move that appears to boost the client and stay in harmony with a proclaimed new fiduciary-minded future. See: How Merrill Lynch 'shot to hell' the RIA fiduciary citadel by casting its $7.5 billion fiduciary 401(k) unit as smaller, purer and more future-minded on paper. An added benefit to this consistency is that the revolution going on at the Bank of America seems to be happening with minimal drama. Merrill Lynch brokers on the wirehouse side may seethe here and there about internal channel conflict. But the flow assures that most of the stewing is done in private.

Ten years after it was bought by Bank of America, Merrill Lynch is no longer the fastest growing portion of the business. That laurel goes to its younger sibling: eight-year-old Merrill Edge, which may stir broker resentment that bank brass -- this time around -- is prepared to live with. See: The amazing success of Merrill Edge and why some legacy Merrill brokers think it's eating their seed crop.

Launched in 2010, Merrill Edge provides online, self-directed brokerage and banking services to investors. It initially was aimed at investors with less than $250,000 but now works with clients of all sizes. Its AUM is $185 billion spread over 2.4 million accounts. Unburdened by big recruiting costs, and with low branch overhead and low-salary advisors on tap, it's growing like a weed.

Acknowledging the phenomenon, and perhaps having finally alighted on the formula for successfully combining chalk-and-cheese bank and advisor cultures, Bank of America plans to open 600 additional Merrill Edge branches in the next two years and hire 300 new advisors, bringing the headcount count to 4,000. 

The decision to build out the brand was a no-brainer for Merrill's Charlotte, N.C.-based parent, says Danny Sarch, president of Leitner Sarch Consultants of White Plains, N.Y. 

'Most profitable part'

"The recent results have shown that Merrill Edge is the most profitable part of the bank. Why wouldn’t you then go forward and try to make it bigger? It makes perfect sense to me. You're training younger people who are paid less to do financial planning." A Merrill Lynch trainee shares what it's really like to be part of the firm's revamped, more RIA-like training program

This growth jibes with an bank industry streamlining trend, says Jonathan Holtaway, president of Ategra Capital Management LLC in Vienna, Va. He points out that in the past, Bank of America reduced its branches from 6,000 to 4,500.

"The expansion of the Merrill Edge's presence is primarily a reallocation of physical space that already exists in the bank branches plus a participation in the previously announced expansion to these new markets," he says. "The re-allocation puts Merrill Edge on the front line of the sales effort for the combined operation."

Ategra, an RIA that provides capital for banking M&A from Vienna, Va., has assets under management approaching $110 million.

In addition to low-cost advisors, Merrill Edge moves into brick-and-mortar locations like a hermit crab. Its current 2,200 branches are all nestled within existing Bank of America locations. The 600 new offices will be as well.

"It's minimal costs and footprint," says Scott Smith, an analyst with Boston-based Cerulli Associates. These are all existing Bank of America locations. These aren't standalones and from that perspective it doesn’t cost you must than the salary of the advisor and a computer .... From the cost perspective, it makes sense."

Stripped-down for speed

Merrill Edge is slated to have 4,000 advisors -- called financial solutions advisors -- by the end of this year and 2,800 locations in two years. See: Is Merrill Lynch taking its more RIA-like training program another step forward with Racquel Oden's promotion?

Giant Merrill Lynch, by contrast, has 14,953 advisors and $2.31 trillion in assets as of Dec. 31, 2017. 

Merrill Edge's game plan could be a winner, says Cecile Munoz, president of Los Angeles-based U.S. Executive Search and Consulting Inc., who emphasizes that the unseen element here is Bank of America recruiting millennial talent averse to the kill-or-be-killed career track of a traditional Wall Street stockbroker. Millennials, Munoz says, will flock to this kind of position because it offers solid middle-class pay, a collaborative workplace and -- thanks to a gusher of bank leads -- a dramatically lower level of sales emphasis. See: Millennial joins leadership team of just-opened Bay Area UHNW advisor.

Peaceful co-existence

Although Merrill Edge's fee-only approach is a forward-looking strategy, locating advisors in bank offices isn’t new. But in the past, there was a culture clash between bankers and brokers. Now, it's more harmonious with bank brokers providing fee-based advice and because the advisors are acting like a bank with depositors and accepting far smaller accounts. See: Merrill Lynch and Bank of America cultural tension may spin out a new round of breakaways, recruiters say.

"I think they can do it," Munoz says. "Bank of America is able to take the best of the technology side and put it together with the best of Merrill Lynch and recruit people who would have gone to an RIA." See: The documented RIA threat, 'phono-advisors' and their nearly $300 billion of assets.

Merrill Edge and Merrill Lynch advisors actually do live together harmoniously, says  David Poole, head of Merrill Edge Advisory client services and digital capabilities in Bank of America’s consumer and Merrill Edge division.

Continuum or poaching ground?

Poole says  there are clients who use Merrill Edge and Merrill Lynch. Merrill Edge has an advisor lead program in addition to its self-directed component.

But Frederic St. Laurent, managing director of Firstgroup Recruiting Solutions in Atlanta, says that realistically speaking, given the current company structure, a Merrill Edge advisor behind on his numbers might be sorely tempted to poach Merrill Lynch clients.

"If I [as the Merrill Edge advisor] can't hit my numbers, then I'd call everyone I know. There may be some clients who are supposed to be hands-off. But if you're only going to get a slap on the wrist, why wouldn't you try to call them," he says about the potential mindset of the advisor. 

'Close partnership'

Poole says advisors at both offices actually work more closely together rather than compete, but he acknowledges that when Merrill Edge was first launched it was natural for Merrill Lynch advisors to have fears.

“In terms of conflict, I think that there were probably the apprehensions about a new model being launched years ago. The reality is there is a very close partnership.” See: The amazing success of Merrill Edge and why some legacy Merrill brokers think it's eating their seed crop.

And, Poole says it’s also commonplace for advisors to switch from Merrill Edge to Merrill Lynch. And, newer Merrill Lynch advisors have even moved over to Merrill Edge.

“It happens all of the time. We encourage it. It depends on the individual. If you’re thinking about the opportunity to go into banking where you get to engage in banking and the full enterprise – you’re there supporting clients and you’re not pounding the pavement and generating leads. The bank is full of leads. These are attractive roles and that’s why we haven’t had a challenge getting to 2,200 advisors.” See: Using DOL as cover, Bank of America cuts the Merrill Lynch bull as it adds a robo, stops paying brokers to stick around and kicks John Thiel upstairs.

But he acknowledges the experienced Merrill Lynch advisor probably wouldn’t make a move. “If you have a Merrill Lynch advisor with six, seven or eight year’s experience, those individuals are unlikely to move. But if you have a Merrill Lynch advisor early in their career figuring out their passion in the industry –  we’ve seen that movement.” 

Poole maintains that Merrill Lynch advisors aren’t threatened by the Merrill Edge movement: “The Merrill Lynch advisors understand what we’re doing and they know that Merrill Edge is growing and that they’re here to engage with our banking clients in these physical locations." See: Merrill Lynch and Bank of America cultural tension may spin out a new round of breakaways, recruiters say.

He says that Merrill Edge advisors hand off referrals to Merrill Lynch, as well. "Merrill Edge is a growth opportunity for Merrill Lynch."

Filled with tension

Despite BoA executives' rose-colored view of relations between two entities, Louis Diamond, principal recruiter of Diamond Consultants in New York says the situation is still filled with tension.

The move is clearly a statement that Bank of America intends on spending more of its energy on making its own advisors at Merrill Edge rather than spending big bucks recruiting Merrill Lynch advisors, Smith says.

"This is their turn-away from recruiting advisors," Smith says. "In Merrill Edge, you're not dealing with the Protocol and it doesn’t matter. You're developing employee advisors these clients are clients of the bank and not the advisor. This is sticky money," See; Merrill Lynch accepts the slings and arrows of its recruiting pause as it develops compensation plan it knows it can honor.

Besides a viable way of getting out of the zero-sum wirehouse recruiting game, Merrilll Edge represents a scalable model for bringing on talent and getting past Wall Street culture and the sales model that allow RIAs to steadily chip away at market share. Cerulli's new numbers buttress the RIAs-supplant-brokers theorem with 40% market share jump seen by 2018.

Until now, Wells Fargo was the only firm with a prototype for moving away from dependence on a straight wirehouse model. The perplexing case of Wells Fargo's non-wirehouse advisors: A blueprint for Merrill, UBS and Morgan or a cheap lesson in what not to do

No favorite child

But Sarch says Bank of America is still very interested in Merrill Lynch.

"Just because you want to emphasize one doesn't mean you don't want to concentrate on the other," Sarch says.

But BoA is signalling a renewed emphasis on making financial advisors look like bankers because it can shape them to its culture and keep them, and their clients' assets, down on the farm.

"The gains at Merrill Edge are stickier and more money is flowing to the firm because if you've got the new recruits in the training program, you can make them the relationship manager that you want everyone to be," Smith says. They're not going to be a portfolio manager. These advisors are going to be relaying the central portfolio management's recommendation to clients."

Leitner Sarch

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Источник: https://invest.ameritrade.com/grid/p/login?site=CTRUST

Merrill Edge Review 2021: Pros, Cons and How It Compares

You’re our first priority.
Every time.

NerdWallet, Inc. is an independent publisher and comparison service, not an investment advisor. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. They are not intended to provide investment advice. NerdWallet does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances. Examples are hypothetical, and we encourage you to seek personalized advice from qualified professionals regarding specific investment issues. Our estimates are based on past market performance, and past performance is not a guarantee of future performance.

We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free.

So how do we make money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. Here is a list of our partners.

Источник: https://www.nerdwallet.com/reviews/investing/brokers/merrill-edge

Merrill Lynch introduces fully digital account opening

The latest step in Bank of America Merrill’s ongoing overhaul of its advisors’ technology is to digitize the account opening process.

With its new collaborative onboarding experience, or COBE, Merrill advisors can open several new accounts simultaneously, across banking and wealth management, in a single, paperless workflow. Clients can verify information digitally, log on themselves to fill in gaps or fix errors, and work with their advisor using real-time screen sharing, chat and video conferencing if they need additional help.

Processes that would traditionally take days or even weeks of collecting signatures and mailing forms can now be accomplished in a matter of hours, says Kabir Sethi, Bank of America Merrill’s head of digital wealth management.

“A large number of accounts are getting opened the same day or the next day,” Sethi says. “It’s a massive step forward in terms of productivity and prospecting.”

In addition to reducing time, COBE brings Merrill one step closer to a paperless future. Real-time status checks and on-the-fly verifications can alert an advisor to any errors (like the way an online store will tell you immediately if your credit card info is wrong), reducing the chance of a dreaded not-in-good-order (NIGO) later on, says Georgio Vuolde, Merrill’s head of wealth management digital onboarding.

In a demonstration, Vuolde showed how an advisor or client associate can bring a new household into Merrill by opening a joint brokerage account, two IRAs, a joint checking account with Bank of America and a custodial account for their niece all in just a matter of clicks.

Before COBE, this would have been five different requests, requiring five separate forms and five separate wet signatures from the clients, says Vuolde. Now it can all be done at once. Advisors can even put an order in for checks while they are opening a client’s new bank account.

This ability to open multiple accounts across the firm’s business lines sets apart COBE from other digital onboarding products currently available to advisors, says Alois Pirker, research director of the Aite Group. But it's the collaboration technology that allows clients and advisors to go through the virtual onboarding process together that really differentiates what Merrill has built.

“Onboarding across the industry has improved in recent times, however, the processes to be found at most firms have system breaks, i.e. the client needs to provide a wet signature or upload a document, emails get sent between parties,” Pirker said in an email. “[These] all areas when speed is lost as the process needs to be restarted over and over again.”

Advisors across the industry are demanding firms make new account opening as easy for them as it is for consumers going to digital advice startups or robo advice offerings at retail brokerages. Yet building the functionality for advisors at large financial institutions is difficult given the more sophisticated investing needs of many clients and the legacy systems many firms still use, Vuolde says.

“We’re building this for very complex products with a lot of conditional logic,” he says, adding that Merrill plans to continually add account types, including trusts, until COBE can handle 80% of account volume. “You don’t have to do that for a simple, self-directed account. Plus, because it’s an advised relationship, there are internal associates who have a role to play.”

This is why Merrill intentionally built a single user experience for advisors, support staff and clients, Vuolde says. No matter who is opening, approving or providing ongoing maintenance (such as updating an address after a move) to an already open account, the process is the same.

Sethi will join Financial Planning editor Ryan W. Neal on May 12 to share a behind-the-scenes look at COBE and other technology developments at Merrill as part of the Invest conference series.

Источник: https://www.financial-planning.com/news/merrill-lynch-introduces-fully-digital-collaborative-account-opening-for-clients
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Merrill Edge Review 2021: Pros, Cons and How It Compares

You’re our first priority.
Every time.

NerdWallet, Inc. is an independent publisher and comparison service, not an investment advisor. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. They are not intended to provide investment advice. NerdWallet does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances. Examples are hypothetical, and we encourage you to seek personalized advice from qualified professionals regarding specific investment issues. Our estimates are based on past market performance, and past performance is not a guarantee of future performance.

We believe everyone should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the bank of america merrill lynch open account we create are objective, independent, straightforward — and free.

So how do we make money? Our partners compensate us. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services. Here is a list of our partners.

Источник: https://www.nerdwallet.com/reviews/investing/brokers/merrill-edge
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Bank of America

Luma Financial Technologies, a new venture formed by co-investors Navian Capital, Bank of america merrill lynch open account of America Merrill Lynch and Morgan Stanley, announces the launch of an independent, multi-issuer electronic platform for structured products and annuities.

Luma is the next evolution of Navian Capital’s award-winning, fully customizable online bank of america merrill lynch open account that was developed for its customers and refined in-house over the past seven years.  Luma will further improve upon and extend market-leading capabilities in workflow automation, post-trade position monitoring, and comprehensive education, training and compliance management. The platform will now be available to any distributor, thus helping august 1st china grow the market for structured products and annuities.

Tim Bonacci, President and CEO of Luma, commented: “With partnership and support from BofA Merrill and Morgan Stanley, we are confident Luma will become the market-leading platform with scale and seamless customization for any distribution firm.’’

Nikki Tippins, Managing Director at Morgan Stanley, said: ``Morgan Stanley is excited about the potential impact Luma will have on the structured products and annuities market. The platform can be tailored to any firms’ workflow and business needs providing ease of access to distributors across the marketplace.”

Henry Flowers, Managing Director at BofA Merrill, is encouraged by the potential for greater efficiency and transparency bank of america merrill lynch open account by Luma. “We are looking to optimize and simplify how structured products and annuities are created, distributed and managed over the entire lifecycle for their clients. Luma does this exceptionally well and we look forward to working with the team to further advance this market.”

For more information about Luma, please visit www.lumafintech.com.

About Navian Capital, LLC


Founded in 2005, Navian Capital, LLC is a premier provider of structured products and annuities. Navian Capital offers financial professionals access to a diverse range of investment opportunities including market-linked CDs, structured notes, proprietary structured investments, as well as fixed, indexed, and variable annuities. Headquartered in Cincinnati, Ohio, Navian Capital has staff throughout the United States to best support its national client base. For more information, call 877-213-6570 or visit www.naviancapital.com.

About Morgan Stanley

Morgan Stanley (NYSE: MS) is a leading global financial services firm providing investment banking, securities, wealth management and investment management services. With offices in more than 41 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For more information about Morgan Stanley, please visit www.morganstanley.com.

About Bank of America

Bank of America is one of the world’s leading financial institutions, bank of america merrill lynch open account individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,400 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 36 million active users, including 25 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, bank of america merrill lynch open account territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

“Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed. ©2018 Bank of America Corporation.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom. Click here to register for news email alerts. www.bankofamerica.com

Источник: https://www.morganstanley.com/press-releases/navian-capital--bank-of-america-merrill-lynch-and-morgan-stanley
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Источник: https://riabiz.com/a/2018/4/3/merrill-edge-eases-bank-of-americas-transition-to-a-post-wirehouse-world
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