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 advisors 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.
Wealth Management Push
For the biggest U.S. 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.
