Bank of America is going with a tried-and-true method of screening future wealth managers: boot camp.
It’s called the Private Client Advisory Development Program.
Bank of America’s newest members of the Thundering Herd can expect a rigorous 18-month process as they learn the ropes in the private client program. Hundreds apply and most are denied.
Potential candidates aren't wealth managers with tons of experience. Instead, the bank is looking for people early into their careers, and who "speak the language” of wealth management nevertheless.
The program will be led by Racquel Oden, a rising star in Bank of America who joined in 2010 after a long stint at UBS.
Last year, she was put in charge of Bank of America Merrill Lynch’s development training program.
Just like the military boot camp, BofA has a takes-all-kinds approach to new hires.
There are Harvard Business School alumni that graduated in Bank of America's first private client program class. But there is also one person who used to run a car dealership, a source said.
BofA sources think the program could host 100 potential wealth managers by 2017.
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