Bank of America is targeting what it calls "preferred customers," those with attractive levels of investable assets-$50,000 to $250,000-but who do not usually work with an individual financial advisor.

As part of this effort, the bank is offering some financial planning services especially for this group. It is hiring 180 Merrill Edge Financial Solutions advisors in New Jersey and another 50 in the central New England area. This will double the number of Merrill Edge advisors nationwide to more than 1,000 by the end of the year.

Merrill Edge is a Bank of America corporation that offers team-based advice and guidance brokerage services and a self-directed online investing platform. The platform was created to help customers with banking and investment needs across any channel so that all assets can be considered for retirement planning, education or other needs.

Preferred customers are among the fastest-growing segments in the financial services industry, according to Bank of America, which has more than 8 million such customers.

This group has more complex needs than other banking customers because of their higher asset levels, which means they must take a broader view of their asset levels and investments, says Cary Grace, Bank of America preferred sales executive.

"They may have retirement savings, be saving for a bigger home, have multiple savings accounts, including 401(k)s and spouse's accounts, that have to be considered when planning how to manage their debt and their cash flow," she says.

The top priorities for these people are tracking and managing money and budgeting (72%); saving for retirement (67%); and balancing short- and long-term financial needs (63%), according to a Merrill Edge report.

Merrill Edge advisors will provide preferred customers with direct in-person assistance when needed and a mobile application for iPad, iPhone and BlackBerry.

Bank of America is also hiring 1,000 small business advisors in local communities to provide small business customers with local specialists.

Also as part of the service, Bank of America is creating "Platinum Privileges" for preferred customers who maintain $50,000 or more in deposit balances with the bank or in investment balances with Merrill Edge. Tested in three states, it will be expanded to nine more, mostly on the East Coast.

These customers will have access to a dedicated service center with direct telephone access to a team of specialists. They will also get preferred pricing on money market accounts, CDs and IRAs, and have discount or fee waivers for standard banking products and annual fee rebates for "Privileges" credit cards and exclusive home loan benefits.

-Karen DeMasters