Bank of America Merrill Lynch has 100 financial-solutions advisers for its online-brokerage business, according to Rich Steinmeier, managing director of Merrill Edge Advisory Center. The company plans to hire an additional 600 FSAs over the next few years as it aims to compete with Fidelity and Charles Schwab. "The primary distinction between this role and an adviser is the FA's client base is wealthier and has complex needs," Mr. Steinmeier said. "Our clients have more basic investing needs but still require advice."
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