Bloomberg News reports that the firm has put dozens of employees to work on an automated investment prototype for Merrill Edge, which targets accounts under $250,000, according to two people with knowledge of the project.
Bank of America intends to unveil the service next year, said the people, who asked not to be identified speaking about company plans.
Banks view robo-advisers, which use algorithms to provide investment advice online and with little or no human contact, as a disruptive technology that can help attract younger investors before they get hooked on a competitor’s platform. Executives at Morgan Stanley, which owns the U.S. brokerage with the most human advisers, and Wells Fargo & Co. have recently said they would develop or acquire a robo-adviser.
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