US-based family offices are a key focus of growth and investment for Bank of America Private Bank. Client balances are growing rapidly, both in aggregate and on a per-relationship basis. The firm is North America’s best for family office services this year.
The approach is to treat family offices like corporations with complex, individual needs, requiring sophisticated solutions. It provides a broad range of capabilities tailored to family offices, from fiduciary investment management, wealth planning and credit solutions, to an array of investment, commercial and consumer-banking services.
It is a client-centric rather than product-centric vision, so the aim is to provide consistent communication across the bank. The aim of the family office team is to work like an extension of its clients’ in-house staff: an integrated wealth-management platform boosts the efficiency of performance and allocation reporting, as well as expense and document management.
Bank of America Private Bank’s family office practice concentrates on three main areas.