Clients Flock to New Service, Merrill Says

John L. “Launny” Steffens, vice chairman of Merrill Lynch & Co., said Thursday that Merrill is attracting 1,200 to 1,400 customers per day to its “Unlimited Advantage” program begun in June.

Under the program, investors receive unlimited online trading and advice from a broker for an annual fee based on the amount of assets in their account, but with a $1,500 minimum. The program has attracted 225,000 investors with an average account size of $400,000, Steffens said.

Despite problems in developing all the planned features of its upgraded online trading site, Steffens said Merrill plans to hold to its Dec. 1 launch date.