Merrill Lynch & Co., Inc. Tuesday hopped on the Internet
brokerage bandwagon, announcing that it will offer online
stock transactions and personal financial services as well expand an e-commerce venture with Visa and other partners.
The e-commerce service will offer unlimited online transactions and
personalized investment services from a personal financial consultant on a
single-fee access plan priced at a minimum annual fee of $1,500. The plan includes Merrill Lynch’s Visa Signature card and rewards program, various cash management services, access to research, and e-commerce discounts. It is scheduled to be available in July.
Merrill Lynch’s Internet channel will offer online stock transactions for
$29.95, with services such as online mutual fund purchase, cash management
service and Merrill Lynch research. The channel is set to launch in December.
Merrill Lynch also added a service for online business
clients, including discounts from Works.com and other various partners, and
participation in the Visa Signature rewards points system.
“Whether clients want advice and guidance from a skilled financial
consultant, convenient,
self-directed Internet investing, or some combination, they’ll get it at
Merrill Lynch,” said David Komansky, chairman and CEO.