Bank of America Wealth Management - Competitor Profile

GlobalData
33 Pages - GLDATA71604
$1,295.00

Summary

GlobalData’s 'Bank of America Wealth Management - Competitor Profile' provides a comprehensive analysis of Bank of America’s wealth management operations. It offers insights into the company’s strategy and financial performance, including key data on assets under management (AUM). Customer targeting and service propositions are covered, as are product innovation and marketing activities.

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 (formerly Merrill Lynch Wealth Management) and Bank of America Private Bank (formerly U.S. Trust) sit within the GWIM division. Its corporate headquarters are in Charlotte, North Carolina.

Scope

- Bank of America restructured its business units in 2019 to more closely align its divisions. Through the Merrill, Bank of America Private Bank, and Merrill Edge brands, Bank of America serves all customer segments, from high-net-worth (HNW) and ultra-high-net-worth (UHNW) investors and wealthy families to the mass affluent and retail markets.
- Bank of America’s group operating revenues declined by 1.9% in Q2 2020 and 8.9% in Q3 2020 on quarterly basis due to the uncertainty in financial markets. However, the GWIM segment reported a 2.7% growth in its operating revenues in Q3 2020 as compared to Q2 2020, driven by higher asset management fees. An unfavorable economic outlook and increased volatility may affect revenues for the bank in the coming years.
- The US is GWIM’s key market, but it also maintains an international presence through Merrill. To expand its presence in the domestic market, the bank opened 13 new financial centers in Q3 2020 in Cincinnati, Cleveland, Columbus, Denver, Pittsburgh, Indianapolis, Lexington St. Paul, and Salt Lake City to cater to clients’ financial needs.
- Bank of America’s growing focus on digitalization and the launch of digital investment planning platform Life Plan in October 2020 will substantially strengthen its wealth offering worldwide. Life Plan offers goal-based financial assistance and helps clients meet their financial goals.
- Unlike its competitors, Bank of America’s wealth management brands have their own social media profiles through which they promote their services.

Reasons to Buy

- Examine the financial performance, key ratios, and AUM growth of Bank of America and benchmark 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.

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Table of Contents
Executive Summary
Strategy
Financial Performance
Customers & Products
Marketing & Advertising
Appendix

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