How To Open A Bank Of America Brokerage Account

Learning how to open a Bank of America brokerage account is easy. More and more people are seeking brokerage accounts with their current bank. The convenience of having the majority of your investments in one place makes opening a brokerage account with Bank of America irresistible.

1. Use your favorite search engine and go to the Bank of America website. Select "Investment Services," which will lead you to the brokerage account options. The page will read, “Global wealth and investment management.”
2. Determine what your investment goal is. Are you funding a retirement or college savings account? Are you saving for a home or looking for a general investment account outside of retirement? The answers to these questions help determine how you will open a Bank of America brokerage account.
3. Determine how much money you have to initially open the account. Self-directed accounts require no minimum balance, but actively managed accounts require a minimum initial investment of $20,000.
4. Decide whether the account will be self-directed or actively managed. Do you prefer directing your own investments, or would you rather have an expert help you with your finances? Although the self-directed option offers no formal financial advice, the various screening tools Bank of America offers will help you narrow down your investment options and determine which securities are best.
5. Open either a cash management account or a retirement account. Bank of America offers cash management accounts for investment holdings outside of retirement. They also provide investment services for IRAs, Roth IRAs, IRA rollovers, and SEP IRAs. For retirement investing, there is also a section that compares both the traditional and Roth IRA.
6. For actively managed accounts, you should schedule an appointment to speak with a Merrill Lynch advisor. Schedule an appointment with a financial advisor by calling (888) 865-2594. Your financial advisor may ask for statements from current investment accounts to help create a specific investment plan catered to your needs. So dig up all of those statements; you will need them for your appointment. However, if you prefer a self-directed account, you can open an account online and follow the prompts.

Investing for the future is always a good idea. Opening a brokerage account at Bank of America offers a one-stop banking experience that not only simplifies your finances, but simplifies your life.