Merrill Edge, an online discount brokerage service provided by Bank of America Merrill Lynch, will open about 600 more new investment centres by 2020.
The expansion is part of Bank of America’s earlier announced plan to invest in both its physical and digital presence across the US. With the proposed expansion, Merrill Edge will have a financial centre footprint of 2,800 offices.
Merrill Edge will hire 300 new financial solutions advisors to meet increasing client demand for investment services.
Upon hiring of new advisors, it will have a total of 4,000 representatives by end of 2018.
The 600 new Merrill Edge investment centres will be opened to new and existing Bank of America financial centre locations. At present, the bank has 4,500 financial centres across the US, including 2,200 with dedicated, on-site Merrill Edge Financial Solutions Advisors and another 770 through video conferencing.
Bank of America head of Merrill Edge Aron Levine said: “Our goal is to serve our clients in ways most convenient to them, and we have both the brick and mortar and the digital presence to do just that.
“Our clients have asked for seamless integration of their Bank of America banking and Merrill Edge investing, and appreciate being recognised and rewarded for their relationship. We continue to listen and deliver, enabling us to grow responsibly and meet our clients’ evolving needs.”
Merrill Edge is a streamlined financial platform which delivers access to online and advised investing, trading, brokerage and banking services.
Since its inception in 2010, Merrill Edge has grown to $184.5bn in assets and more than 2.4 million accounts.