The new hiring plan is part of the firm’s effort to gain more business from ‘Preferred’ customers — those with investable assets of US$50,000 to US$250,000.
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"Preferred customers don’t typically fit the traditional model for a full-service financial advisor or private banker, and so they’re often underserved by financial institutions," says Linda Shelby, West Division executive. "By placing more Merrill Edge FSAs in banking centers throughout the Southern California and Arizona, we will be able to offer our Preferred customers in-person attention and support with their saving, investing and financial planning."
The 160 new hires will bring the total financial solutions advisor force in that area to more than 250. The company plans to target Phoenix, Los Angeles, San Diego and Orange County for the new hires.
Bank of America also announced several new Merrill Edge regional appointments. They include Debra West in San Diego, Nick Givogri in South Orange County, Gioia McCarthy in North Orange County and Will Smayda in Los Angeles.
Bank of America also announced new Merrill Edge regional managers in Southern California to further assist ‘Preferred’ customers. They include Debra West in San Diego, Nick Givogri in South Orange County, Gioia McCarthy in North Orange County and Will Smayda in Los Angeles.
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By GlobalData"With the additions to our management team, we can ensure our FSAs in Southern California and Arizona are effectively bringing expertise closer to customers in our banking centers," Shelby said.
In spite of prevailing economic slowdown in the US, Bank of America’s latest hiring announcement is indication of fact that financial services firm still see wealth management business as safe and lucrative option.
Bank of America hiring plans are based on the prospect of high profits and aging baby boomers preparing to pass on their wealth to the next generation.
Complexities of succession planning, multiplied by population demographics, have generated a lot of demand for wealth management business in the US and we believe that Bank of America’s new hiring plan will help it further consolidate its position in US market and better face rising competition in the market.
