BofA Merrill is focused on recruiting more of its existing corporate customers to its retirement planning business.
Reuters reports that the brokerage firm has recently formed three new teams of advisors what will focus on serving the retirement plans of Bank of America's current corporate and investment banking clients.
The cross-referrals from the brokerage division to Bank of America have been strong thus far within the newly merged company, with the wealth management division referring 3,000 customers to the banking side. Referrals in the other direction have only numbered 1,000 thus far.
BofA Merrill hopes to even this ratio with a dedicated team of 500 advisors who will be focused on retirement plan business.
Source: Reuters
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