Bank of America Merrill Lynch

Clients are gravitating toward the “biggest, stable institutions,” says Morgan Stanley CEO James Gorman.

The 18-month project is part of the $3 billion that Bank of America allocates annually to new technology initiatives.

It’s another action taken by wealth management firms to safeguard employees and clients from the coronavirus.

The firm added 40,000 new accounts last year and hit a record $3 trillion in client balances.

The expansion is intended to free advisors to spend more time on client-facing tasks, executives say.

The move follows similar offers from other major brokerages in the last two weeks, as firms race to woo clients with the lowest-priced products possible.

The firm's compensation plan, which is to remain unchanged for 2019, has turbocharged advisor productivity, an executive says.

The offering would mirror a similar move by Charles Schwab to offer clients a new pricing plan for its robo service.

The wirehouse is giving the ultrahigh-net-worth crowd a more complete view of their finances, says Don Plaus head of private wealth management.

A team of Bank of America specialists help the superrich diversify with farms, ranches and other alternative investments.