Cash management is one of the strongest growth areas for Bank of America Merrill Lynch’s advisers, Sallie Krawcheck, president of Bank of America Global Wealth and Investment Management, said during a conference call Thursday.

She said the unit has amassed $244 billion of cash deposits so far. “Clients are more conservative and they are looking to their advisers for help,” she explained. “Advisers need to look broader and deeper for the right solutions.”

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.