The advisers will work in Los Angeles, San Diego, Orange County and Phoenix, and will bring the total number of FSAs in banking centers to more than 250 in that region (there are an additional 110 FSAs located in the Merrill Edge Advisory Center in Chandler, Arizona). The new hires are expected to be completed by the end of the first quarter of 2012.
The FSAs will cater specifically to BofA’s Preferred customers – those with investable assets of $50,000 to $250,000. They will provide financial solutions and guidance to help them manage their banking and investment needs and stay in better control of their finances.
“Preferred customers don’t typically fit the traditional model for a full-service financial adviser 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 company has long believed that the Preferred customer segment is among the fastest-growing in the financial services industry and has been steadily increasing its numbers of FSAs throughout the year (see “BofA Hires Nearly 300 Advisers”).
Bank of America also announced new Merrill Edge regional managers throughout Southern California. They include: Gioia McCarthy in North Orange County, Will Smayda in Los Angeles, Nick Givogri in South Orange County and Debra West in San Diego. Additional regional managers are planned in Phoenix, Arizona, and the Inland Empire area in California.