Cash management is one of the strongest growth areas for Bank of America Merrill Lynch’s advisors, 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 advisors for help,” she explained. “Advisors need to look broader and deeper for the right solutions.”
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