Bank of America Wealth Management - Competitor Profile

Bank of America Wealth Management - Competitor Profile

Summary

Bank of America operates through four business segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets. The wealth management units Merrill Lynch and Bank of America Private Bank (formerly U.S. Trust) sit within the GWIM division. Its corporate headquarters are located in Charlotte, North Carolina.

This report provides a comprehensive analysis of Bank of America’s wealth management operations. It offers insight into the company’s strategy and financial performance, including key data on assets under management. Customer targeting and service proposition are also covered, along with product innovation and marketing activities.

Scope

  • Bank of America restructured its business units in 2019 to more closely align its divisions. Through the Merrill Lynch Wealth Management, Bank of America Private Bank, and Merrill Edge brands, Bank of America serves all customer segments, from HNW and UHNW investors and wealthy families to the mass affluent and retail markets.
  • The US is GWIM’s key market, but it also maintains an international presence through Merrill Lynch.
  • GWIM’s operating revenues grew by 4% in 2018, while its pre-tax profit rose 10%. The division’s net new money fell sharply by 62% in 2018 and its AUM decreased by 6%.
  • Bank of America has been leveraging digital technologies to improve advisor capabilities, as well as to offer a holistic experience for clients.
Reasons to buy
  • Examine the financial performance, key ratios, and AUM growth for Bank of America, and benchmarks this competitor against other global wealth managers.
  • Understand Bank of America’s current strategic objectives and their impact on financial performance.
  • Discover Bank of America’s key products and its client targeting strategies and examine whether these have been successful.
  • Learn more about Bank of America’s marketing strategy, social media presence, and digital innovations.


Executive Summary
Strategy
Financial Performance
Customers & Products
Marketing & Advertising
Appendix

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