Bank of America Corp. today said it will nearly double to more than 1,000 the number of advisers it has working with wealthier customers in bank branches and in a call center.
The hiring is part of an effort to win more business from customers with investable assets of $50,000 to $250,000. The Charlotte bank wants to offer investment advice and other banking services to this fast-growing customer segment, as it looks for more revenue from fees.
The new hires, called Merrill Edge Financial Solutions Advisers, are an outgrowth of Bank of America's 2009 Merrill Lynch acquisition, which gave the bank a much bigger wealth management operation. For years, banks have tried to win more investment business from traditional banking customers.
The new advisers will be located in branches around the country, including Charlotte, New York, San Francisco, Los Angeles, Dallas and Washington. Charlotte currently has no advisers but will get an unspecified number in the fourth quarter of this year, bank spokesman Don Vecchiarello said.
By the end of the year, Bank of America will have about 500 advisers in bank branches and about 600 in its Merrill Edge call center, Vecchiarello said.
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