BofA's Consumer Investments Surpasses $500 Billion in Assets as Clients Choose High-Tech, High Touch Approach to Managing Finances

Core Insights - The launch of Merrill Edge has strengthened Bank of America's competitive advantage, allowing it to meet the banking, lending, and investing needs of 69 million consumer and small business clients [1][6] - The bank is expanding its financial center network and modernizing existing centers to accommodate nearly 10 million client appointments annually with financial specialists [2] - A high percentage of new Consumer Investments accounts are opened after clients meet with Financial Solutions Advisors, highlighting the effectiveness of the bank's high-tech, high-touch approach [3] Consumer Investments - The number of Consumer Investments accounts has been increasing annually, with 33% of these accounts held by Gen Z and Millennial clients, who also represent 52% of all Merrill Guided Investing accounts [3] - A significant portion of Gen Z and Millennials (58%) are self-educating on investing, with other sources of knowledge including parents (41%), financial professionals (28%), and school (26%) [4] Investment Solutions - Merrill Edge Self-Directed, launched in 2010, provides clients with personalized guidance and tools, filling a market gap for confident investing [5] - Merrill Guided Investing, introduced in 2017, offers a goals-based advisory program with expert-managed investment strategies, further enhanced by the 2019 rollout of Merrill Guided Investing with Advisor [5] Bank of America Overview - Bank of America serves approximately 69 million consumer and small business clients through a network of around 3,700 retail financial centers and 15,000 ATMs, with 58 million verified digital users [6] - The company is a global leader in wealth management, corporate and investment banking, and trading across various asset classes [6] Technology and Innovation - Dynamic Insights is an AI-driven tool that provides personalized market information and portfolio insights based on individual investing styles [7] - Idea Builder is another AI-driven innovation that assists clients in finding, validating, and monitoring their investment ideas, catering to both novice and experienced investors [7]