Bank of America has announced the hire of nearly 40 financial advisors in the mid-Atlantic region as part of the drive to bolster its preferred client business.

The appointment of Merrill Edge financial solutions advisors is in line with the plan to double the number of FSAs to over 1,000 nationwide by the end of 2011. Merrill Edge is the online brokerage service launched by the Merrill Lynch arm of Bank of America in 2010. Preferred customers are defined as those with $50,000 to $250,000 in investable assets.

According to a recent survey by Merrill Edge, preferred clients are now more specific with their financial goals. Eighty-five per cent said they want better retirement conditions than their parents, 73 per cent said they want better access to both banking and investment solutions, while 72 per cent said they wish to maintain the ability to track and manage their money. 

"The build-up of a dedicated team of preferred customer specialists is part of a strategy to offer a differentiated experience to our preferred and small business clients in the mid-Atlantic region," said Tony Burns, the mid-Atlantic regional sales manager for Merrill Edge.

Included in the expansion plan are the launch of specialty stores, mobile applications, rewards and exclusive privileges, and the further hiring of 1,000 small business bankers for local communities. Together with the 1,000 FSAs, Bank of America is looking to build a 2,000-strong team dedicated to the needs of preferred and small business customers.

Bank of America works with more than 8 million preferred customers all over the US.