Bank of America Wealth Management

Bank of America N.A. is the second-largest banking institution in the United States and ranks among the top ten globally. Listed 25th on the Fortune 500, it operates internationally with offices in New York, London, Hong Kong, Dallas, and Toronto. Alongside its commercial and retail banking divisions, the firm’s investment and wealth management services form a major part of its operations.

Bank of America’s presence in the wealth management sector expanded significantly following its acquisition of Merrill Lynch after the 2008 financial crisis. Today, it is estimated to manage over $1.35 trillion in assets, making it one of the largest wealth management institutions in the U.S.

It’s clear that Bank of America Corporation has built a substantial presence in the wealth management space. Like many major Wall Street institutions, its wealth advisory services are backed by significant resources and a broad client base. However, for high-net-worth and ultra-high-net-worth individuals, a common question arises: Should you choose a large brand-name firm or opt for a more focused, boutique firm?

Many affluent families consider this same question. Large institutions offer scale and integrated services, while boutique firms, such as those serving clients with $5 million to $500 million in liquid assets, often provide a more tailored and personal experience. Customization, responsiveness, and relationship continuity are key advantages of working with a smaller, specialized firm.

In this article, we’ll explore the evolving role of portfolio management and financial consulting in wealth advisory services. We’ll also discuss specialty asset management, the growing interest in impact investing, and the considerations involved in fixed income strategies. Plus, we’ll share tips to help you choose a wealth manager aligned with your goals and financial profile.

Bank of America Wealth Management — Merrill Lynch

Merrill Lynch, now simply referred to as Merrill, operates as the wealth management division of Bank of America following its acquisition in 2009. Merrill offers a range of investment management and brokerage services and also functions as a broker-dealer. Merrill Edge serves as the firm’s online platform, offering self-directed and guided investing options.           

Client Types and Account Minimums

Merrill Edge Self-Directed allows individuals to manage their own investments with $0 online stock, ETF, and options trades. There are no annual account fees or investment minimums, and users benefit from research insights developed by Bank of America Global Research.

For clients seeking additional support, Merrill provides two guided investing options:

• Online Guided Investing: Requires a $1,000 minimum and carries a 0.45% annual fee, assessed monthly.
• Guided Investing with an Advisor: Requires a $20,000 minimum investment and charges a 0.85% annual fee.

Clients seeking more personalized support can work directly with a dedicated financial advisor from Merrill’s network of over 13,000 advisors. This relationship offers tailored planning across various financial needs. Advisory services through this program typically require a $250,000 minimum investment, with a customized fee structure (capped at 1.75%) negotiated with the advisor.

Solutions for High-Net-Worth Investors

To serve individuals with greater asset levels, Merrill introduced Premium Access Strategies in 2022. These portfolios are designed for clients with either:

• $5 million or more in combined Merrill and Bank of America assets, or
• $10 million or more in total investable assets, including those held outside the bank.

This program offers customized strategies delivered in collaboration with investment managers such as BlackRock and PIMCO.  

Fee Overview

• Self-Directed: $0 online stock and ETF trades, no balance minimums. Fixed income trades may carry fees, e.g., $1 per bond for corporate and municipal securities.
• Guided Investing: 0.45% annual fee with a $1,000 minimum.
• Guided Investing with an Advisor: 0.85% annual fee with a $20,000 minimum.
• Merrill Wealth Management with Advisor: Customized fee (up to 1.75%) with a $250,000 minimum.

Merrill’s offerings span a wide range of needs, from digital investing to highly personalized strategies, making it a versatile option for those exploring wealth advisory services.

If you’re seeking wealth advisory services tailored to your portfolio size and investment goals, it may be helpful to start by exploring firms aligned with your priorities.

Portfolio Management and Consulting

Portfolio management and consulting remain core services offered by many private wealth management firms, including Bank of America Wealth Management. These services go beyond traditional banking offerings and focus on the strategic oversight of a high-net-worth individual’s investment portfolio. A dedicated wealth manager helps oversee key financial decisions that align with each client’s unique goals and long-term plans.

For individuals with $5 million to $500 million in investable assets, the goal of any sound portfolio strategy should be more than just maximizing returns—it should also support their lifestyle, long-term financial goals, and legacy planning. Independent firms like PillarWM Finder emphasize a disciplined, customized approach to portfolio consulting that adapts to evolving market conditions and client needs.

1. Specialty Asset Management

High-net-worth and ultra-high-net-worth individuals often hold more than traditional market investments. Beyond equities and fixed income, many maintain specialty assets such as commercial real estate, farmland, oil wells, or business interests. Managing these assets requires a different level of expertise—one that includes valuation, risk management, and understanding regulatory considerations.

This is where specialty asset management comes in. It addresses the unique requirements of non-traditional assets and ensures they’re integrated into your broader financial plan. As part of comprehensive portfolio oversight, it’s essential that wealth managers are capable of navigating alternative asset classes effectively.

2. Impact Investing

Impact investing has gained significant traction among wealth management clients who want their investments to reflect personal values. Environmental, Social, and Governance (ESG) criteria are now influencing decisions in ways that go beyond financial return. Many clients are now asking how their capital can drive positive change, whether that’s in climate, governance, or community impact.

ESG-aligned strategies not only support causes important to investors but also provide insight into long-term risk, such as future regulatory shifts around carbon emissions. Leading wealth managers must stay informed about evolving impact investing practices and help clients balance ethical considerations with portfolio performance.

3. Fixed Income

A well-structured portfolio typically includes fixed income to ensure liquidity, manage volatility, and generate predictable income, particularly in the later stages of wealth accumulation or during retirement. Fixed income solutions, such as municipal bonds or treasuries, play a critical role in preserving capital while complementing higher-risk assets.

Whether you’re seeking steady income or portfolio stability, fixed income should be part of your broader financial strategy.

Bank of America Wealth Management – Other Things to Consider

Before working with any wealth management firm—including Bank of America Wealth Management—it’s important to consider a few foundational factors that can significantly influence the quality of the advisory experience.

One key consideration is whether the advisor is a registered fiduciary. A fiduciary is legally obligated to act in the best interests of their clients at all times. This designation requires registration with either the Securities and Exchange Commission (SEC) or a state-level regulatory agency, depending on the advisor’s practice scope. Working with a fiduciary means you’re engaging with someone who must disclose conflicts of interest and prioritize your financial well-being.

This is particularly important for high-net-worth individuals, as portfolio decisions can involve millions of dollars. When so much is at stake, transparency and accountability are non-negotiable.

Another factor to evaluate is the advisor’s compensation structure. Fee structures can directly affect the objectivity of the advice you receive. The two most common models are:

• Fee-Only: Advisors charge a flat fee, an hourly rate, or a percentage of assets under management (AUM). These advisors do not earn commissions, which helps ensure their recommendations are not influenced by outside incentives.
• Fee-Based: This model combines advisory fees with product commissions. In some cases, product providers compensate advisors for promoting or selling specific investments. While legal, this structure may create potential conflicts of interest if recommendations are influenced by commission incentives rather than client goals.

Understanding these differences can help you make a more informed decision about the advisor who will manage your long-term financial plan.

As with all investing, there are risks involved. There is no guarantee of profit, and the value of investments may rise or fall. Strategies such as asset allocation, diversification, and portfolio rebalancing may help manage risk, but do not ensure gains or prevent losses in declining markets.

Tips To Find A Top Wealth Manager

Finding the right wealth manager is a key step for high-net-worth and ultra-high-net-worth individuals looking to protect and grow their financial legacy. While the process may seem daunting, following a clear approach can streamline your search.

Start by exploring reputable directories and platforms that specialize in connecting users with experienced advisors. Look into private wealth management firms offering tailored services aligned with your investment goals. Pay close attention to offerings such as portfolio planning, estate strategies, and tax-efficient investment structures. If you’re navigating portfolios between $5 million and $500 million, understanding the critical shifts needed to improve portfolio performance is essential.

Another valuable but often overlooked strategy is tapping into your personal network. Friends, colleagues, or family members may already be working with advisors who specialize in high-net-worth wealth management. Their firsthand insights can help you narrow down trusted options.

Finally, consider meeting potential advisors directly. A one-on-one conversation allows you to assess whether the advisor understands your financial priorities and long-term vision. Compatibility and transparency are essential, especially for managing complex wealth needs.

As you move forward in your search, make use of our tailored resources to guide your next step:

These tools can help you evaluate and connect with professionals who align with your financial objectives, allowing you to make informed decisions with confidence.