Overview: The merger of Merrill Lynch and Bank of America has led to a new job category called Financial Solutions Advisor. When the bank moved its own financial advisors into Merrill Lynch offices, it saw a need to have people in its bank branches with the expertise to advise clients who seek brokerage and investment services.
According to The Wall Street Journal, 80 such FSAs have been hired by 6/7/2010, and they represent a mix of people with similar experience at other banks, and newcomers to the business. FSAs are in the branches to interview prospective Merrill Lynch clients, and to determine if they are best served by an FA (normally requiring a minimum account size of $250,000), through a call center, or via a self-directed online account.
Qualifications: According to online job postings from Bank of America, candidates generally must posses FINRA Series 7/63/65 or Series 7/66 licenses. Holders of Certified Financial Planner (CFP) certificates are preferred.
