Magazine article American Banker

B of A Wealth Arm to Increase Staffing

Magazine article American Banker

B of A Wealth Arm to Increase Staffing

Article excerpt

Bank of America Corp.'s global wealth and investment management division plans to add to its sales staff this year.

The division's private wealth management group, which caters to individuals with more than $3 million of assets, says it expects to increase its sales staff 1.3%, to 2,077. The premier banking and investments group, which targets individuals with $100,000 to $3 million, will expand its sales force 6.9%, to 5,940.

Pat Phillip, the president of the premier banking and investments group, said he hopes to develop the sales force in high-growth areas, including Houston, Dallas, and Orange County, Calif.

During B of A's investor day on Tuesday, Mr. Phillips said the Charlotte company is shifting away from hiring advisers with large books of business because "that consistently fails." Instead, he said, it is interested in hiring associates who can learn its model and grow from there.

"We want to build institutional loyalty for both our clients and our associates," he said.

Brian Moynihan, the division's president, said during the conference, "Our fastest path to growth is to leverage the Bank of America franchise and its vast customer base."

The global wealth and investment management division increased its assets under management 12.6% last year, to $542.9 billion at yearend. Despite this size, Mr. Moynihan acknowledged that there is a lack of awareness in major markets that B of A offers private banking and wealth management. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.