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2003 Annual Report: Raising the Bar in Wealth Management


In 2003, clients entrusted $474 billion of their assets to Bank of America

As Bank of America's affluent customers achieve greater success, their financial affairs become increasingly complex. Custom-tailored banking and investing services have always been available to the very wealthy. However, investors with less than $3 million in investable assets have sometimes found it difficult to acquire the counsel of skilled and experienced advisors together with the convenience and scope of banking and investing solutions offered by a leading financial institution.

To bridge this gap, in 2003 Bank of America launched a unique cross-discipline service called Premier Banking and Investments. Intended to set a new standard for the industry, this service was based on extensive research into clients' needs.

A skilled Premier Banking client manager brings the banking expertise; a highly trained, experienced financial advisor from our brokerage company, Banc of America Investment Services, Inc., provides the investment planning skills. More than 1,700 client managers and financial advisors were hand-picked and trained to work together to deliver customized solutions that are exceptionally convenient, balanced for the best mix of risk and reward, and tailored to the client's financial goals.

We continue to refine the model as we find new ways to add value for our clients.
Managing Today's Complex Wealth
Managing Today's Complex Wealth
Clients of The Private Bank have told us they want a comprehensive suite of solutions that is part of a thoughtful wealth management plan for themselves and their families. So we created an innovative new business model that combines all of Bank of America's considerable resources, including banking, credit, investment and trust and wealth transfer services, delivered by expert client management teams. With offices in 39 markets, The Private Bank serves some of the nation's wealthiest and most sophisticated families, including 40% of the Forbes 400.
Highlights << Previous | Page 1 of 3 | Next >>
  • Our new Premier Banking and Investments teams provide custom-tailored service and advice to affluent clients.
  • The Private Bank serves some of the nation's wealthiest and most sophisticated families.
  • Our Consulting Services Group more than quadrupled assets under management in 2003.
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