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Key Responsibilities and Required Skills for Merrill Financial Services Representative

💰 $ - $

🎯 Role Definition

The Merrill Financial Services Representative is a licensed financial professional responsible for building and maintaining client relationships, delivering tailored investment and retirement solutions, and driving client acquisition and retention for Merrill (Bank of America). This role blends advisory and sales responsibilities with strict regulatory compliance, account administration, and collaboration with specialists across wealth management, trust, and banking teams. Ideal candidates hold FINRA licenses (Series 7, Series 63/66 or 65), have a strong track record in client-facing financial services, and are skilled at translating client goals into actionable investment strategies.

📈 Career Progression

Typical Career Path

Entry Point From:

  • Licensed Client Service Representative / Financial Solutions Associate
  • Bank of America Personal Banker or Teller with investment referrals
  • Junior Financial Advisor or Investment Associate

Advancement To:

  • Financial Advisor (Merrill) / Wealth Management Advisor
  • Senior Financial Solutions Advisor or Private Client Banker
  • Team Lead, Branch Manager, or Regional Advisor

Lateral Moves:

  • Merrill Edge Advisor / Digital Advisory Specialist
  • Trust & Estate Operations Specialist
  • Compliance, Risk, or Product Specialist within Wealth Management

Core Responsibilities

Primary Functions

  • Build, manage, and grow a diversified client book by proactively prospecting, qualifying leads, and converting referrals into new Merrill accounts, consistently meeting acquisition and revenue targets.
  • Develop individualized financial plans and investment strategies by conducting in-depth discovery meetings to assess clients’ risk tolerance, time horizon, liquidity needs, tax considerations, and long-term goals.
  • Provide holistic investment advice across equities, fixed income, mutual funds, ETFs, managed portfolios (including discretionary and non-discretionary solutions), and retirement and education accounts, aligning recommendations with client objectives.
  • Execute new-account openings, funding instructions, beneficiary designations, and account transfers accurately and efficiently while ensuring all documentation meets firm KYC, AML, and suitability standards.
  • Maintain ongoing portfolio oversight by monitoring performance, rebalancing asset allocations, implementing tax-efficient strategies, and recommending changes in response to market conditions or life events.
  • Prepare and deliver customized client presentations and proposals—using Merrill/Bank of America tools and approved materials—that clearly articulate portfolio construction, fees, and expected outcomes.
  • Serve as the primary point of contact for clients, responding to inquiries, resolving service issues, coordinating trades and transfers, and escalating complex matters to specialists as needed to preserve exceptional client experience.
  • Drive cross-sell of Bank of America products (banking, lending, cash management, credit, mortgages) by identifying client needs and coordinating handoffs with internal partners to deepen relationships and increase wallet share.
  • Prospect and cultivate high-net-worth and mass affluent relationships through networking, Centers of Influence (COI) outreach, community events, and targeted marketing campaigns to expand AUM and advisory revenue.
  • Adhere strictly to all regulatory, compliance, and internal policy requirements, including documentation, trade surveillance, suitability analysis, and completed client disclosures; maintain audit readiness at all times.
  • Prepare compliance and supervisory deliverables, including client contact logs, trade reconciliation, account reviews, and required disclosures for supervisory review in a timely and accurate manner.
  • Collaborate with specialists (investment strategy, tax, trust, retirement, and fixed income teams) to build complex solutions for clients, facilitating introductions and managing multi-disciplinary execution.
  • Conduct financial education and client seminars/webinars on topics such as retirement planning, portfolio diversification, market insights, and wealth transfer to drive pipeline and deepen client trust.
  • Use CRM and internal analytics tools (e.g., Salesforce, Bank of America/Merrill proprietary systems) to maintain accurate client records, manage opportunities, forecast production, and drive measurable business outcomes.
  • Manage onboarding for new clients—coordinating ACH, wire transfers, standing instructions, beneficiary updates, and transfer of assets—while ensuring a seamless digital and in-branch client experience.
  • Execute discretionary trading and non-discretionary trade orders in accordance with client mandates, best execution practices, and firm trading procedures.
  • Monitor account-level and firm-level risk exposures, identify concentration risks, and recommend diversification or hedging strategies in partnership with risk management teams.
  • Participate in monthly/quarterly performance reviews with clients, providing reporting, benchmarking, and transparent discussion of fees, performance attribution, and recommended next steps.
  • Maintain and expand professional credentials and licensing (e.g., FINRA Series 7, 63/66 or 65; state insurance licenses), fulfilling CE requirements and staying current on regulatory and product changes.
  • Mentor and train junior representatives, financial solutions associates, and support staff on client service best practices, compliance obligations, and product knowledge to uplift team performance.
  • Collaborate with digital advisory and operations teams to drive adoption of Merrill’s digital tools and platforms (online account access, mobile apps, and digital onboarding) to improve client satisfaction and operational efficiency.
  • Analyze client cash flow, debt structure, and lending needs; partner with Bank of America lending specialists to structure secured and unsecured credit solutions that align with investment strategies.

Secondary Functions

  • Support ad-hoc data requests and exploratory data analysis.
  • Contribute to the organization's data strategy and roadmap.
  • Collaborate with business units to translate data needs into engineering requirements.
  • Participate in sprint planning and agile ceremonies within the data engineering team.
  • Assist marketing and branch leadership in creating targeted campaigns and client outreach strategies based on segment analysis and client life-stage.
  • Participate in succession planning and relationship continuity programs to ensure long-term client coverage and retention during advisor transitions.
  • Provide feedback to product and compliance teams on client needs, product gaps, and process improvements to enhance service delivery and product offerings.
  • Actively participate in performance reviews and business planning cycles to set production goals, track KPIs, and align activity with strategic priorities.

Required Skills & Competencies

Hard Skills (Technical)

  • FINRA Series 7 and Series 63/66 (or Series 65) licensing required; SIE and state life & health insurance licenses preferred.
  • Deep knowledge of investment products: equities, fixed income, mutual funds, ETFs, annuities, alternative investments, and managed account solutions.
  • Proficiency with Merrill/BofA proprietary platforms and tools for portfolio construction, CRM (e.g., Salesforce or Merrill Edge CRM), trading, and account administration.
  • Strong financial planning capabilities using tools such as Envestnet, eMoney, Morningstar Office, or comparable advisory and planning software.
  • Advanced Microsoft Excel skills for financial modeling, scenario analysis, and performance attribution (including pivot tables and basic VBA knowledge preferred).
  • Understanding of regulatory frameworks including SEC/FINRA rules, AML/KYC procedures, suitability obligations, and privacy/data protection requirements.
  • Experience placing complex trade orders, handling account transfers (ACAT), and managing corporate actions and corporate account servicing.
  • Ability to interpret portfolio analytics, risk metrics (beta, alpha, Sharpe), and performance attribution reports to inform client recommendations.
  • Familiarity with retirement plan products (IRAs, Roth, 401(k) rollovers), tax-efficient investing strategies, and estate planning coordination.
  • Competence using digital engagement channels (video conferencing, secure messaging, online account opening) and driving digital adoption among clients.

Soft Skills

  • Exceptional verbal and written communication tailored to diverse audiences — from mass-affluent clients to high-net-worth individuals and institutional stakeholders.
  • Consultative sales and relationship management with a proven ability to build trust, influence, and long-term client loyalty.
  • Strong problem-solving and analytical mindset; ability to synthesize complex financial information into clear, actionable recommendations.
  • High ethical standards, fiduciary mindset, and meticulous attention to detail to ensure compliance and protect client interests.
  • Time management and prioritization skills to balance client-facing activity, administrative tasks, and business development.
  • Empathy and emotional intelligence for handling sensitive client conversations related to risk tolerance, losses, or life events.
  • Collaborative team player who partners effectively with product specialists, operations, legal, and branch colleagues.
  • Resilience and adaptability in a fast-paced, highly regulated environment with fluctuating market conditions.
  • Negotiation and influencing skills to close business while maintaining suitability and client-centric outcomes.
  • Continuous learning orientation; motivation to pursue professional certifications (CFP, CPA, CFA) and industry knowledge.

Education & Experience

Educational Background

Minimum Education:

  • Bachelor’s degree in Finance, Economics, Business Administration, or related field (or equivalent work experience plus licensing).

Preferred Education:

  • Bachelor’s degree with coursework in investment analysis, financial planning, or accounting; MBA or Master’s in Finance preferred.
  • Certified Financial Planner (CFP) designation, or progress toward CFP certification; CFA charter considered a plus.

Relevant Fields of Study:

  • Finance
  • Economics
  • Business Administration
  • Accounting
  • Financial Planning

Experience Requirements

Typical Experience Range: 2–7 years of client-facing experience in financial services, wealth management, or investment advisory roles.

Preferred:

  • 3–5+ years managing advisory relationships or producing revenue in a brokerage, bank-affiliated advisory, or RIA environment.
  • Demonstrated success in prospecting, closing new accounts, and growing assets under management (AUM).
  • Prior experience working with high-net-worth or complex-family relationships, retirement rollovers, and cross-product sales is strongly preferred.
  • Proven track record of meeting or exceeding production and client service KPIs while maintaining regulatory compliance.
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