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Bank of America to hire more than 160 FSAs tin Southern California and Arizona

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Bank of America is hiring more than 160 Merrill Edge Financial Solutions Advisors (FSAs) across Southern California and Arizona by the end of first quarter 2012. This includes hires in Los Angeles, San Diego, Orange County and Phoenix, and will bring the total number of FSAs in banking centres to more than 250 in that region. In addition, 110 FSAs are also located in the Merrill Edge Advisory Center in Chandler, Arizona.

The hires are part of Bank of America’s overall commitment to enhance the solutions and guidance it offers to Preferred customers — those with investable assets of USD50,000 to USD250,000. These FSAs will provide the financial solutions and guidance customers need 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 advisor 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 centres 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."

Preferred customers are among the fastest-growing segments in the financial services industry. Bank of America does business with more than 8 million Preferred customers and has unrivalled insight into their financial needs. According to the latest Merrill Edge Report, 57 per cent believe it will be harder to save for the long term five years from now compared to today, while 27 per cent feel that it will be equally as difficult to save five years from now as it is today. As a result, one in five (21 per cent) reported that they have increased their savings in the last year.

This national trend is mirrored in Los Angeles, where 25 per cent of respondents say they are saving more than a year ago. In addition, Los Angeles’ mass affluent say their number one financial regret is not contributing enough to their 401(k) or retirement savings (27 per cent), followed by having too much credit card debt (20 per cent).

Bank of America also announced new Merrill Edge regional managers in Southern California to further assist Preferred customers with their unique financial needs. The group includes 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, Ariz., and the Inland Empire area in California.

"With the additions to our management team, we can ensure our FSAs in Southern California and Arizona are effectively bringing expertise closer to customers in our banking centres," Shelby said.

 

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