(Bloomberg) -- Bank of America Corp. created a group of specialists that cater to the ultra-wealthy, looking to capitalize on the growing ranks of super rich clients needing complex financial products and advice.
The new ultra-high-net-worth advisory group will be housed in the bank’s Merrill wealth-management unit, according to company executives. As the main point of contact, the roughly 25 specialists will help Merrill financial advisers and their clients navigate financial needs including loans, estate planning and investment management.
The number of individuals with more than $10 million in assets is “rapidly growing,” Rob Romano, the head of capital-markets investor solutions for Merrill who is leading the new group, said in an interview. That cohort “requires a degree of customization and personalization, given there is more complexity to the financial circumstances of those clients,” he said.
For the biggest US banks, wealth management has been an expanding and competitive business. Firms keep pouring resources into building teams and products, hoping to lure new clients who bring with them business opportunities and additional assets to invest.
Bank of America’s entire global wealth and investment management operation generated $5.8 billion in revenue in the third quarter of last year, an 8% increase from a year earlier. The Merrill wealth division also has a dedicated sports and entertainment group that focuses on helping athletes and performers manage their money.
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The new advisory group serving the ultra-wealthy will support Merrill advisers by providing ideas and education, said Brian Partridge, head of investment solutions group specialists at Merrill.
“Access to expertise is more important than it’s ever been,” Partridge said. “It’s both the pace of wealth creation and investment innovation that’s creating this opportunity to better serve our clients.”
Bank of America is set to release full-year results for its wealth-management business and the entire company next week.
