Wealth Management Specialist

Bank of America • New York, NY

1d • $30 - $45 • Onsite

About The Position

Merrill Wealth Management provides goals-based wealth management and investment products and services to individuals, companies, and institutions. The Wealth Management Specialist role is part of the Elite Growth Practice (EGP) and supports Financial Advisors and Advisor Teams in delivering investment management services and solutions. The position may be filled at a Trainee, Specialist, or Senior level depending on the candidate’s experience and the team’s needs. A Trainee is a non-exempt training role for someone who does not yet hold the required securities licenses and/or designation; it is designed to allow the employee to study, obtain required registrations, and achieve an approved designation before moving into the Specialist role. If the required Series 7 and 66 (or Series 7, 63, and 65) licenses and an approved designation are not already held, they must be obtained within a specified timeframe to be eligible for the Specialist position.

The role supports Financial Advisor teams’ investment management philosophies by conducting portfolio analysis, sharing expertise across investment product areas, and helping ensure client risk profiles, goals, objectives, and asset allocations are appropriately reflected. The Specialist delivers investment products and services across the enterprise, partners with internal specialists to identify targeted investment strategies, and assists in preparing client performance review materials. The position also involves marketing and sales development, servicing client segments and beneficiaries, gathering additional assets from existing clients, strengthening relationships, and providing marketing, organizational, and technology support.

The role is subject to SAFE Act registration requirements, including registration with the federal registry system and completion of the required background check. Employees must obtain and maintain the necessary registrations and at least one firm-approved designation. The position is an FA Paid Resource and is paid hourly, with eligibility for a formulaic incentive plan. The role is described as having first-shift hours and 37.5 hours per week. Merrill describes its culture as in-office, with flexibility based on role-specific responsibilities and business needs.

Requirements

• Either Series 7 and 66 licenses or Series 7, 63, and 65 licenses; obtain all state registrations held by the Financial Advisor(s) and Advisor Team(s) supported.
• Obtain and maintain SAFE Act registration, including required federal registry registration and background check.
• Maintain a Form ADV-2B providing clients with information about the individual’s experience and educational background, along with other SEC-governed requirements.
• Obtain and/or maintain at least one firm-approved designation.
• Demonstrate strong communication skills.
• Thorough knowledge and understanding of Wealth Management products and services.
• Strong analytical and portfolio management skills, including the ability to identify trends and implement investment strategies to increase growth and mitigate risk.
• Ability to make sound decisions grounded in investment management best practices and policies and procedures.
• Ability to identify client needs and concerns and articulate suitable approaches that align solutions with client goals.
• For a Trainee lacking required securities licenses and/or designation, obtain the required licenses and approved designation within the specified timeframe to qualify for the Specialist position.
• High school diploma, GED, secondary school education, or equivalent.

Responsibilities

• Develop and service client segments, including next-generation clients, their descendants, and beneficiaries.
• Gather additional assets from existing clients and deepen relationships by partnering with Merrill colleagues to provide a broad range of solutions.
• Provide marketing and organizational support and coordinate technological support for portfolio analysis, proposals, and direct-mail campaigns using Salesforce and other tools.
• Provide technical expertise in product areas such as Corporate 401(k), Rule 144, insurance, and Wealth Management Workstation.
• Maintain an understanding of the Chief Investment Office (CIO) philosophy, proprietary planning, and investment management tools.
• Analyze Merrill and third-party research, monitor market and non-financial current events, and research portfolio recommendations for Investment Committee review.
• Monitor and manage client portfolios to align with clients’ goals, objectives, risk tolerance, and time horizons.
• Review and manage team proprietary models in light of current market assumptions, CIO and manager updates, Investment Committee decisions, reports, and allocation updates.
• Create analytical reports for Financial Advisors comparing client portfolio performance with market returns.
• Prepare materials for and coordinate weekly Investment Committee meetings.
• Deliver investment management tools, including investment proposals and CRC.
• Monitor and analyze internal book pricing for the Financial Advisor team, share pricing findings, and explain the value of advice and related solutions to clients.
• Manage ML One variances, enrollments, updates, withdrawals, and terminations.
• Serve as the primary or lead team member for processing PIA trades in Portfolio and process discretionary and non-discretionary trades.
• Propose client recommendations or changes based on client goals, risk tolerance, time horizon, and objectives.
• Partner with internal specialists to identify targeted investment strategies and deliver holistic investment solutions.
• Assist in preparing client performance review reports to measure progress toward goals.

Benefits

• Industry-leading benefits; the role is currently benefits eligible.
• Access to paid time off.
• Resources and support for employees.
• Eligibility to participate in a formulaic incentive plan with monthly, quarterly, and/or annual incentive opportunities based on performance against defined metrics.

What This Job Offers

• Job Type: Full-time
• Career Level: Entry Level
• Education Level: High school or GED