Bank of America’s retail branch in downtown Hinsdale recently had a makeover. It’s the first location in the region that includes both a Bank of America retail branch and a Merrill Lynch investment office, which is located on a newly constructed second floor on 1st Street in Hinsdale.

It’s all part of Merrill Lynch’s aggressive growth strategy, according to Jim Smith, the bank’s Market Executive and Managing Director for the Chicago West market.

“When we start looking at strategy it’s really all about growth,” Smith says. “We want to help people with their most complicated financial issues, connecting with them where they are and helping them reach their goals.”

Smith, a Hinsdale resident who is based out of Merrill’s Chicago West headquarters in Oak Brook, says the bank looked hard at where to establish its first co-location. Hinsdale was the right choice both for the local market and because of access to other communities in the region, such as Western Springs, Lisle, Glen Ellyn, and Downers Grove.

To connect with customers where they are, Merrill offers a broad range of services in addition to digital banking:

Retail banking services

Merrill Edge, which offers self-directed, online trading opportunities for customers as well as mutual funds and college investing

Merrill Lynch Wealth Management, which offers investment services for those with more complex financial situations and needs

For the first time, Bank of America and Merrill Lynch customers will be able to access all of these services under one roof. Downstairs will include the retail location with checking and savings account services, and upstairs will offer investment services and be staffed by two Merrill Wealth
Management teams.

“It’s meant to be a connection point. We’ve got a certain number of Bank of America clients who need to talk with a financial advisor,” Smith says.
“Bank of America is building a sixty-plus story tower downtown and we feel we’re better when we’re connected, and having more resources within a single location is better for our clients.”

Bank of America acquired Merrill Lynch in 2008 and its “overriding philosophy” ever since has been to learn what the client’s near-term, midterm, and long-term needs are, Smith says.

This philosophy is evidenced by a focus on understanding the customer and his or her feelings about investing, creating a strategy that’s based on the customer’s unique needs, and helping customers stay on track by monitoring investments and making adjustments as needed.

Now customers at the Bank of America Hinsdale location can get that personalized service after depositing a check. Just head upstairs.

“All of the resources—the daily transactions, self-directed accounts, and those whose needs are more complicated and need very specific types of advice, we can have a conversation right there in the office and make their lives simpler,” Smith says. “ Everything is in one place.”

Bank of America/Merrill Lynch Hinsdale office is located at 118 W. 1st Street in Hinsdale, 630-320-7100, ml.com.