Merrill Edge/Bofa Call Center Fees

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Sep 19, 2011 1:48 am

When Bofa, Wells, Fidelity etc..refer lower balance clients (10-100K) to their call centers for phone guidance instead of a face to face FA, do they still sell "A" shares and the same product Merrill or Wells advisors offer, or are they all no-loads? I had a recruiter ask me if I wanted to lead a new Merrill call center, and I can't really imagine explaining the difference between A and C shares or doing a switch letter over the phone.

Thanks for any input.

Aug 7, 2012 6:28 am

Call Centers are department or section of the company that bridges the space between the company & the customer. Someone employed by the company receiving the request often called as CSR “Customer Services Representative” CSE “Customer Services Executive” or CSO “Customer Services Office”. There are many call centers job are available in Pakistan.
Call center jobs Pakistan

Aug 9, 2012 11:42 am

ML sends clients with $100k-250k to the Financial Advisory Center and clients with 20-$100k to MerrillEdge. Merrill Edge is really self-directed, while FAC does supposedly offer more of an advisory experience (over the phone) where an advisors calls the client once or twice a year and reviews their portfolio (from what i understand). I think (not sure though) that in both places, advisors do a typical questionaire for risk aversion, horizon etc and put people in one of the five ric standard portfolios (agg-mod-con), without too much specialization. If you don’t like working on the phone, it’s probably not for you, but that being said, ML seems to be putting their biggest marketing dollars and biggest focus on building Edge, so it may well have a stronger future than gwim.

Dec 12, 2012 1:41 am

Merrill Edge has two parts. Self direct and the advisory center. Self direct competes with online retail brokerages for do it yourself investors with cheap stock trading options and no load/load funds. The advisory center has advisors to help create an investment strategy and help people stay on track to meet their goals with portfolio reviews. They compete with Fidelity/Schwab and other call centers as well but offer specific advice regarding investments unlike the competition. Their is no certain limit required as above post says. There is no questionnaire or standard portfolio either although any advisor must ask some questions to make a suitable recco i.e… time frame/goals/liquidity needs. They do specialize to specific individuals but there are some products not offered like options, but options are available without advice on self direct side. Advisory side offers managed money(fee based), stocks, ETF, MFs, individual bonds and annuities. Edge has many clients with well over 1mill that don’t mind doing business over the phone so amounts do not have a low or high end although majority of clients have less than 250k.

Jan 15, 2013 6:45 pm

Pretty much just A shares.

They need special exemptions for the no-loads from their supervisors.