The new FSA hires in San Francisco, San Jose, Sacramento, and Las Vegas will serve BofA’s Preferred customers-those with investable assets of US$50,000 to US$250,000 — and increases the total number of FSAs in the Northwest region to nearly 120.
"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 centres 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."
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The role of these FSAs will be to provide financial solutions and guidance that will help the Preferred customers to manage their banking and investment needs and stay in better control of their finances.
Last month, Merrill added 180 more advisors to Merrill Edge, with the bulk of the new hires joining Merrill’s advisory centre in Hopewell.
In August, Merrill hired 38 FSAs in and around Washington, DC, Baltimore and Philadelphia.
In a strategy to provide better services and retain this growing segment, Bank of America said it has also certain new schemes including the awarding of Platinum Privileges to those customers who have US$50,000 plus in deposit balances with the bank, introduction of mobile application for iPad, iPhone and BlackBerry as well as addition of 481 new no-transaction-fee (NTF) mutual funds.
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By GlobalDataBank of America plans to double the number of FSAs nationally to more than 1,000 by the end of 2011.
