Bank of America's Merrill Lynch unit is the newest entrant into the robo-advisory game.

It announced plans Monday for an online service and app called Merrill Edge Guided Investing, which like other robo advisers will query customers about their age, income, risk tolerance as well as their investment goals and time horizon. A basket of exchange-traded funds tailored to the answers would then be recommended. It will be billed as a low-cost way of investing modest sums such as funds in old 401(k) accounts.

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