Merrill Lynch Hiring 600 Financial Solutions Advisors to Take on Retail Brokers
Bank of America Merrill Lynch is moving into the competitive space dominated by retail brokers Fidelity and Charles Schwab. That's a market segment of ordinary folks who need investment guidance but not the sophisticated advice and services that wealthy clients do.
The new business's official title is Merrill Edge Advisory Center. As part of it, employees would probably be help with 401Ks instead of complex estate planning and get a salary rather than work on commission. Best of all, in the next three years BAML is hiring 600 of these employees, reports Fins.com.
Their new title will be Financial Solutions Advisor [FSA]. Ideally, the company would love people with some feel for investments and licensing in the Series 7. Remember, the basic DNA of financial institutions is being licensed. The FSA can be a platform for employees to move on to the traditional financial advisor position.
Hiring is being done throughout the nation, but the lion's share will be in metro areas where BAML has a presence. After all, investing relationships usually piggyback on bonds customers already have with their financial institutions.