Bank of America unit Merrill introduced two new client services focused on portfolio transitions and systematic cash investing. The Tax Efficient Transition Service is designed to help clients move existing portfolios into Merrill strategies while managing tax implications, while the new Dollar Cost Averaging Service aims to automate scheduled investing of idle cash into client portfolios. Bank of America, a US$438.4b banking group, uses Merrill as its wealth arm to connect individual investors and institutions to managed portfolios and advisory services. For Bank of America investors, the services tie into a focus on digital engagement and AI driven efficiencies, aiming to deepen client retention and grow fee based revenue per household. The next checkpoint is how management discusses adoption and flows into Merrill advisory programs at the upcoming quarterly results, including data on assets transitioned using the Tax Efficient Transition Service or volumes run through the Dollar Cost Averaging Service.
Bank of America CorpMerrill launched two new client services (Tax Efficient Transition and Dollar Cost Averaging) aimed at deepening client retention and growing fee-based revenue per household.
