Bank of America’s Growth in Digital Platforms and Financial Solutions Advisors

Bank of America has seen significant growth in its online brokerage, Merrill Edge, and robo-advisors, with over $450 billion in assets on these platforms. The key to this success, according to Aron Levine, president of preferred banking, has been the addition of human touch through the bank’s nearly 3,000 financial solutions advisors (FSAs).

Levine, who oversees these platforms, shared insights on the evolution of Merrill Edge since its launch in 2010. The platform was built to cater to mass affluent clients, integrating banking, lending, and investment needs. The introduction of FSAs, licensed advisors working closely with clients in financial centers, has been a game-changer, driving significant growth.

The bank’s robo-advisor, Merrill Guided Investing, has also seen substantial growth, reaching $30 billion in assets under management. By integrating FSAs with the digital platform, Merrill Edge has created a seamless experience for clients, allowing them to access a range of services from self-directed investing to full-service wealth management.

Levine emphasized the importance of building these platforms in-house to ensure seamless integration with the bank’s existing infrastructure. This approach has allowed Bank of America to offer a comprehensive suite of services to clients without disrupting their existing relationships.

In terms of career development, FSAs at Bank of America have a clear path for growth, with many opportunities for internal promotions. The bank has focused on diversity and inclusion, with about 70% of new hires being diverse candidates.

Looking ahead, Bank of America plans to continue enhancing its platforms, with a focus on income-driven portfolios and improving the overall client experience. Despite the challenges faced by the robo-advisor sector, Bank of America’s integrated model and focus on personalized advice have set it apart from competitors.

Levine’s journey in financial services began over three decades ago, and he credits his success to his diverse background and experiences. Outside of work, he is actively involved in nonprofit organizations and enjoys reading history books and traveling with his children.

Overall, Bank of America’s Merrill Edge and robo-advisors have experienced rapid growth, thanks to a combination of digital innovation and personalized service, setting the stage for continued success in the years to come.