The stock of Bank of America Corp (NYSE:BAC) closed at $30.48 gaining 2.04% in yesterday’s trading session. Bank of America Corporation for quite some time has been considering the addition of almost 600 investment centers in a quest to expand the reach of Merrill Edge. It had projected that by 2020 it would have managed to hit that particular milestone, but the reality of the matter is that the move for now can’t be a game-changer.
An official working with the business guru has move forward to say that the move had the capacity to place the company in line for the much anticipated future growth and its is worth mentioning that the DIY robo-advising movement is seemingly taking off in great speed.
Several market observers have come out to express their views regarding the latest developments by the company. According to them, the move to go out for the retail investors that need hand-holding isn’t what it takes to make Merrill Edge or Bank of America rich on assets under management level.
But it is worth noting that the most of the millennials are in the current times making direct investments and are poised to inherit wealth. And it thus goes without saying that they will soon be established as loyal customers and that is expected to pay off in the long run.
There is a great misconception at the moment among quite a significant number of persons that the main reason the ongoing growth of Merrill Edge is a huge deal is because of the earning or the revenues it raking in.That is ungrounded since the truth of the matter is that it is all about the earnings or the revenues it is expected to drive later on. The small account owners at the start get to inherit massive wealth from their parents and what follows later on is the that they move ahead to start amassing respectable fortunes on their own.
It is also important to outline that there is a great likelihood that they would be focusing quite a huge deal on the self-directed web-based solutions as opposed to getting themselves an advisor.