From the advisers' prospective, "I really don't think it will do much damage to the Merrill Lynch brand, " Mr. Kostoff said.

WSJ: FUND TRACK: Merrill Is Launching

Mike Kostoff, a brokerage consultant and managing partner at Kostoff Group, says the strategy seems sound, and using the Merrill Lynch brand instead of Bank of America's name could help the online product succeed.

WSJ: FUND TRACK: Merrill Is Launching