"Preferred Clients", or those with $50,000 to $250,000 in investible asets are among the fastest-growing segments in the financial services industry, the company said in a statement. The plan to boost staff numbers is in line with the recently released Merrill Edge Report, which showed that 85 per cent of preferred clients want a better retirement plan than their parents, 73 per cent want access to both banking and investing solutions, and 72 per cent want to be able to track and manage their money themselves.

"Preferred customers have a complex set of needs and concerns that go beyond what the standard retail bank can offer, but they don't typically require a full-service financial advisor or a private banker," said Dean Athanasia, an executive of the preferred and small business banking unit of BofA.

The Merrill Edge FSAs will be based in selected banking centers around the US, including New York, San Francisco, Los Angeles, Dallas, Charlotte, and Washington, DC. They will also offer phone-based guidance via the Merrill Edge Advisory Center.

Included in BofA's strategic push to boost client numbers is the imminent launch of new specialty stores, the application of mobile technology to the Merrill Edge offering, and the introduction of new platinum privileges.