Bank of America has told the Merrill Lynch Client Advisers that they will have to work longer hours for the same pay, according to a person familiar with the matter.
The work week for CAs will increase from 35 hours per week to 37 ½ hours per week, the person said. There will be no commensurate pay increase.
The CAs function as sales assistants and typically provide administrative and sales support to one or more of Merrill Lynch’s Financial Advisers. Often they are the main point of contact clients have with Merrill Lynch.
The increase in hours is angering some CAs who think it is making the job less family friendly. In a family where both parents work, the increased hours can create problems with daycare or commuting.
Some Financial Advisers are worried that the change may cost them some of their best CAs. Some are scrambling to find a way to make the CAs more comfortable with the change.
“The CA is an integral part of a broker’s operation and in man cases they are the daily face of the firm for clients,” the person said. “This makes Bank of America look like Scrooge.”
Bank of America did not respond to our request for comment on the story.