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Bank of America Hires 180 Merrill Edge Financial Solutions Advisors Throughout New Jersey

Hiring Results in Total of 320 FSAs Across State

Monday, September 19, 2011 8:08 am EDT

Dateline:

HOPEWELL, N.J.

Public Company Information:

NYSE:
BAC
"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"

Bank of America today announced the hiring of 180 Merrill Edge Financial Solutions Advisors (FSAs) throughout New Jersey this year, including 155 FSAs stationed in the Merrill Edge Advisory Center in Hopewell, and 26 in banking centers across northern and central New Jersey. These FSAs provide financial solutions and guidance to help customers manage their banking and investment needs and stay in better control of their finances. The hiring is part of Bank of America's plan to nearly double the number of Financial Solutions Advisors nationally, to more than 1,000, by the end of 2011 as part of its overall commitment to enhance the solutions and guidance it offers to Preferred customers.

Preferred customers - those with investable assets of $50,000 to $250,000 - 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 unrivaled insight into their financial needs. According to the Merrill Edge Report, some of the top priorities for Preferred customers include tracking and managing money and budgeting (72 percent), saving for retirement (67 percent) and balancing short- and long-term financial needs (63 percent).

"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," said Rich Steinmeier, head of the Merrill Edge Advisory Center. "By hiring more Merrill Edge FSAs, we are able to provide these customers with personal attention from a specialist who can recommend solutions tailored to meet their specific financial needs."

In support of its new Preferred service strategy, Bank of America is also working to enhance customer experience and satisfaction by:

  • Rolling out Platinum Privileges, which rewards customers who maintain $50,000 or more in deposit balances with Bank of America or investment balances with Merrill Edge with higher levels of service and comprehensive benefits across their banking and investing needs. Based on the success of a three-state pilot of Platinum Privileges that began early this year, Bank of America is beginning a national roll-out of Platinum Privileges, with expansion to New Jersey beginning this month.
  • Continuing to improve the Merrill Edge offering, including the introduction of a mobile application for iPad, iPhone and BlackBerry earlier this year, and the addition of 481 new no-transaction-fee (NTF) mutual funds.
  • Introducing specialty stores that provide in-person access to investment, small business and mortgage specialists and use technologies such as video conferencing.
  • Hiring 1,000 small business bankers in local communities to provide small business customers with local specialists to address their complex financial needs. Together with the 1,000 FSAs, this will create a 2,000-plus person team dedicated to the more complex needs of Preferred and Small Business customers.

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 58 million consumer and small business relationships with 5,700 retail banking offices, more than 17,800 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

For more Bank of America news, visit the Bank of America newsroom.

www.bankofamerica.com

Merrill Edge is the marketing name for two businesses: Merrill Edge Advisory Center, which offers team-based advice and guidance brokerage services; and a self-directed online investing platform. Both are made available through Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S).

MLPF&S is a registered broker-dealer, Member SIPC and a wholly owned subsidiary of Bank of America Corporation.

Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.

Investment products:

Are Not FDIC Insured

 

Are Not Bank Guaranteed

 

May Lose Value

© 2011 Bank of America Corporation. All rights reserved.

Contact:

Reporters May Contact:
Don Vecchiarello, Bank of America, 1.980.387.4899
don.vecchiarello@bankofamerica.com