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Deals & People November 21, 2011
BofA Hires Nearly 300 Advisers
New hires in Texas and Florida have made Bank of America reach its goal of having more than 1,000 Merrill Edge Financial Solutions Advisors (FSAs) nationwide by the end of 2011.
Reported by PLANADVISER staff
Nearly 65 FSAs added to Florida banks will serve customers in Boca Raton, Ft. Lauderdale and Sarasota. In addition, approximately 155 FSAs were hired in the Merrill Edge Advisory Center in Jacksonville, bringing the FSA statewide total to more than 350.
In Texas, more than 60 FSAs have been added to banking centers in 20 cities, including Austin, Dallas, Houston and San Antonio.
The hires are part of Bank of America’s strategy to cater to Preferred customers – those with investable assets of $50,000 to $250,000. BofA says Preferred customers are one of the fastest-growing segments in the financial services industry. According to a Merrill Edge Report, priorities for Preferred customers include wanting a better retirement than their parents (85%), having access to both banking and investing solutions (73%) and maintaining the ability to track and manage their money (72%).
BofA now has more than 1,200 FSAs working in banking centers throughout the United States or in Merrill Edge Advisory Centers. Other 2011 hires were made in the Northwest region, Mid-Atlantic region and Southeast region.