Bank of America’s Merrill Edge is seeking to double its head count of financial advisors by the end of 2016, according to Aron Levine, head of preferred banking and Merrill Edge Investing at Bank of America.
The unit currently has 1,700 advisors serving clients with less than US$250,000 in investible assets.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The newly recruited advisors will mostly include young trainees and professionals with eight to 10 years in the business, reported Financial Advisor Magazine.
Post hiring, 3,000 out of Bank of America’s 5,000 branches will have one Merrill Edge financial advisor each. Currently, there are 1,500 Merrill Edge advisors within BofA’s retail branch network.
Levine added that the increase in adviser headcount will deliver clients with the face-to-face financial support and will also be accompanied by a wider range of products.
Additionally, the expansion will offer clients access to Bank of America Merrill Lynch and U.S. Trust services.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataAccording to Levine, most of the Merrill Edge clients can be converted into Merrill Lynch and U.S. Trust customers using personal marketing investment support.
Levine also revealed his intention to double Merrill Edge’s AUM in next three to five years.
