Bank of America Corp is rolling out a new wealth management product that combine...
- Bank of America Corp is rolling out a new wealth management product that combines automated portfolios with human advice, becoming the latest brokerage to seek to boost business by blending digital with personalized financial planning.
The new service underscores how Bank of America is targeting downscale clients even as certain banks like Morgan Stanley have opted to reserve human advice for wealthy customers. Robo-advisers typically use computer algorithms to create and manage portfolios made up of low-cost exchange-traded-funds for clients with as little as a few hundred dollars to invest.
Bank of America estimates that 85 percent of its clients who are eligible for its wealth management products hold investments elsewhere.
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