Money Matters, Simplified.
Bank of America to double its Financial Solution Advisors
by Anter Prakash Singh - June 23, 2011 - comments
Bank of America announced that it is going to double the number of Financial Solution Advisors (FSA) by the end of this year.
Bank of America, in an endeavor to better serve its preferred customers, is going to double the number of Financial Solution Advisors (FSA) by the end of this year.
The Bank also announced that its preferred customers will also have access to financial advice in areas where the FSAs are not present in the branches of the bank.
BoA to double its FSAs
The bank claimed that FSAs will be present in its branches in cities including Los Angeles, New York, Washington DC, San Francisco, Dallas and Charlotte.
The preferred customers in other areas can avail the services of the FSAs through the Merrill Edge Advisory Center on telephone, stated the financial sector behemoth.
Merrill Edge platform was launched by the Bank in 2010 for the U.S. Trust clients of the Bank and the affluent customers of Merrill Lynch. The clients who want to invest assets between $50,000 and $250,000 come in this category.
Dean Athanasia, Preferred and Small Business Banking executive with the Bank of America said, “Preferred customers have a complex set of needs and concerns that go beyond what the standard retail bank can offer, but they don’t typically require a full-service financial advisor or a private banker.”
Athanasia said that by increasing the number of its FSAs, the Bank will pursue the opportunities of growth in this field and at the same time allow the bank to offer best investment and banking solutions to its preferred clients.
Preferred clients of BoA
The preferred customers in the banking sector are among the fastest growing segments of the financial services industry. Bank of America has around 8 million preferred customers and it has unparallel access to the financial needs of these customers.
A recent report by Merrill Edge details some of the typical needs of the preferred customers.
While 85 percent are looking for better retirement as compared to their parents, 73 percent want simultaneous access to banking and investment solutions. The ability to supervise their investments was the requirement of 72 percent clients.
Cary Grace, a Preferred Sales executive with the bank, said that the fact that two third purchase decisions are made by its customers at its banking centres illustrates how the bank makes and nurtures relations with its clients.
Grace expressed hope that with the addition of nearly 500 more FSAs, the bank will be, “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.”