Bank of America continued its hiring spree of financial solutions advisors with the addition of 27 new advisors in the Southeast U.S. region.
Bank of America’s new hires come as the firm plans to almost double the number of financial solutions advisors in its firm to more than 1,000 by the end of this year. Earlier this month, the firm added 80 advisors in California and Nevada.
The Southeast region’s cities and surrounding metropolitan areas such as Atlanta, Charlotte, Nashville, as well as Winston-Salem, Greensboro, Raleigh and Durham, N.C.
The financial solutions advisors will target preferred customers, or those with investable assets between $50,000 to $250,000, for banking and investing services. The Merrill Edge advisory business includes team-based brokerage services provided at the banks and over the phone. Merrill Edge is also the brand of an online investing platform.
With the hires, Bank of America has also appointed David Giancola to manage the financial solutions advisors program for the Southeast region.
Giancola’s new role comes after he has spent about four and a half years at BofA, most recently as a sales manager with the firm’s investments business in Atlanta. Giancola also served as a director with Charles Schwab’s Asia Pacific division.
The Merrill Edge model provides clients with “tremendous flexibility,” Giancola said in an interview on Monday.
“We’re able to blend the power of the banking products that we offer, as well as investment solutions, all offered through one advisor to a client. I think that’s something very few institutions out there offer,” Giancola said.
The result, Giancola said, is that clients can talk to one advisor about their certificates of deposit, checking accounts, mortgages and also their retirement plans. The Southeast region’s 27 new financial solutions advisors began working with customers several weeks ago, according to Giancola, following “rigorous” training after they first joined the firm in September.
“We think this is a huge growth market for us,” Giancola said. “We definitely want to increase our [financial solutions advisors] count tremendously next year.”