The best private banking franchises today must do much more than simply preserve and grow wealth. They must also enable their clients to share that wealth to meet all manner of broader goals, whether traditionally philanthropic or through the more modern lens of social impact.
Bank of America Private Bank’s philanthropic advisory team – what it calls "Philanthropic solutions" – is certainly one of the most experienced, its client-facing staff averaging 20 years working with the likes of endowments and foundations in the US.
As of the end of June 2023, the bank looked after $76.5 billion in discretionary assets on behalf of these clients, as well as a further $54.1 billion in additional assets.
Its network is formidable: in 2023 it stretched to more than 1,200 clients, with assets of more than $10 million, a gain of about 100 clients over 2022.
Key to BofA’s approach is the way in which it marries a traditional philanthropic advisory focus with the kind of personalized service that an individual private client might expect.