BofA reports that this will increase the total number of FSAs in the Northwest region to nearly 120. The FSAs will provide financial solutions and guidance to help customers manage their banking and investment needs. The hiring is part of Bank of America’s plan to nearly double the number of Financial Solutions Advisors nationally, to more than 1,000 by the end of 2011 (see “Bank of America Hiring More Than 500 Advisers”).
Preferred customers – those with investable assets of $50,000 to $250,000 – are among the fastest-growing segments in the financial services industry, according to the company. Bank of America does business with more than 8 million Preferred customers. According to a Merrill Edge Report, some of the top 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%).
“Preferred customers have a unique set of financial needs that often go beyond the typical retail offering,” said Linda Shelby, West Coast Division executive. “By placing more Merrill Edge FSAs in banking centers throughout the country, we are better equipped to serve our Preferred customers. They have the benefit of personal attention from a specialist who can recommend solutions tailored to meet their specific financial needs.”
Most recently, BofA hired nearly 200 advisers to work in New Jersey (see “BofA Hires 180 Advisers in N.J.”).