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Bank of America has announced that Merrill Edge Self-Directed will expand its zero-dollar online trade benefits, offering unlimited commission-free stock, exchange-traded fund (ETF), and options trading to clients in all tiers of its Preferred Rewards program. This expansion enhances the benefits of the program, which rewards members for their full relationship across Bank of America deposit and Merrill investment accounts.
“We began offering zero-dollar trading 13 years ago as one of the many ways we reward clients for doing business with us,” says Aron Levine, Head of Consumer Banking and Investments at Bank of America. “We take a unique and innovative approach to rewarding clients across their entire financial lives. By expanding to unlimited free trading for our Preferred Rewards members, we’re delivering on our promise to help make clients’ financial lives better.”
In addition to moving to zero-dollar trades for all members of the program, Merrill Edge Self-Directed clients not enrolled in Preferred Rewards will now receive flat-rate pricing of $2.95 for online stock and ETF trades—down from $6.95—with no trade or balance minimums. The new pricing is the latest offering to help Merrill clients in all life stages and across the entire wealth spectrum.
Since launching in 2010, the Merrill Edge Self-Directed platform has garnered recognition from industry leaders. The personalized investing experience provides clients access to research, helpful tools, and step-by-step guidance to help them confidently put their ideas into action. Through patent-pending technology, stock story, portfolio story, and fund story, the platform provides engaging experiences that help clients make more informed investing decisions.
In addition, Merrill’s online advisory program combines a convenient digital experience with access to investment strategies developed and managed by experts, rather than algorithms. In June 2019, Merrill Guided Investing was expanded to include the option for clients to work with a Merrill Financial Solutions Advisor (FSA) to help identify life priorities, chart a course toward pursuing financial goals, and track progress toward those goals.
With nearly 6 million members, the Preferred Rewards loyalty program aims to recognize the value of a client’s entire relationship with the company. The program’s relationship-based approach provides members rewards and benefits across their Bank of America deposit accounts, credit cards, mortgages, auto loans, and Merrill investments, along with exclusive discounts and experiences. This approach to rewards has helped generate increased levels of client satisfaction and a retention rate of nearly 99 percent among members.
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