New York-based brokerage giant Merrill Lynch Wealth Management announced the national rollout of its own robo-advisor on Wednesday.
The firm’s online brokerage division launched its new online advisory platform, known as Merrill Edge Guided Investing, which aims to fit in between Merrill Lynch’s traditional full-service advisors and its discount brokerage.
For minimum investment levels of US$5,000, clients specify investing goals, receive a recommended investment strategy, and are given options to open and fund an account.
Merrill Lynch’s chief investment office (CIO) builds and manages the strategies, which recommend asset allocations and ETFs. Its affiliated portfolio manager is responsible for implementing the strategies for clients based on the CIO’s recommendations.
“We recognize that investors have different needs, preferences and levels of complexity in their lives. No matter when, where, or how they like to invest — whether independently, with an advisor, or through some combination of both — we aim to help them pursue their financial and life goals,” says Aron Levine, head of Merrill Edge, in a statement. “Merrill Edge Guided Investing is our way of bringing together advice and technology to create stronger relationships with investors.”