Bank of America officially announced Monday the launch of Merrill Edge, a platform geared to the mass-affluent customer segment.
This represents the company's latest effort to bring together the strengths of Bank of America and Merrill Lynch into one cohesive customer service initiative.
Merrill Edge is designed to offer access to both banking and investing accounts through BofA's ATMs and bank branches, as well as its online, mobile and texting applications. More specifically, it offers "end-to-end banking and investing," or a view of all accounts and credit cards and the ability to move money between accounts; Merrill Lynch investment research; and a full range of financial services. Moreover, clients can access this via a self-directed model, or seek help from a broker.
The mass affluent is one of the fastest-growing segments of the market, according to Bank of America, which also announced a new study of the financial concerns of this group. It defines mass affluent as those clients with $50,000 to $250,000 in investable assets.