Among a competitive field, Bank of America Private Bank stood out for its clear, quantifiable momentum in the high-net-worth (HNW) segment, showcasing strong product innovation and sustained investment in client experience.
The bank’s business performance over the awards review period showed notable strength, with assets under management rising steadily from early 2024 through mid-2025. Its broader wealth platform now oversees $745 billion in client balances, representing approximately 12% year-over-year growth – a rate that outpaced many peers in a mature US wealth market. This growth has been supported by one of the most extensive footprints in the industry: over 100 offices in 42 markets and a professional team exceeding 4,000 specialists, enabling Bank of America to serve HNW clients with scale and proximity.
The bank also saw significant expansion in new client relationships, adding approximately 5,400 net new relationships in a recent quarter when combined with Merrill, reflecting a strong referral engine and effective cross-enterprise engagement. Its outsourced chief investment office (CIO) flows – an important barometer of client confidence – grew by more than a third, while trust platform flows rose by double-digits.
Beyond financial performance, the bank delivered notable product and platform enhancements that directly benefited HNW clients. The breadth of its offering remains an industry benchmark: investment management, trust and estate planning, specialised lending, philanthropic advisory, family office services, art financing and specialty-asset management all sit within a single integrated platform. Few competitors offer such a wide array of inhouse capabilities at this level of sophistication.
The bank’s geographic investment, combined with ongoing recruitment of top advisory talent, enhanced coverage depth for HNW clients
Client experience is another area where Bank of America outperformed. Its Unified Mobile App Experience consolidates over 150 features and leverages advanced AI tools such as Erica to deliver real-time insights. The bank also introduced the Collaborative Onboarding Experience (COBE), reducing onboarding times by 60% and enabling nearly four-fifths of new accounts to be opened digitally – an execution advantage few peers have matched.
Digital engagement levels have been strong: 93% of private bank clients are digitally active and 76% engage through mobile, far ahead of broader industry benchmarks. With 58% of eligible investment and trust accounts opened digitally and AI-powered assistance adopted by most staff, the bank is redefining front and back-office efficiency in wealth management.
A further differentiator is the bank’s targeted approach to the rising HNW next-generation segment, a cohort increasingly central to long-term franchise strength. Bank of America expanded its life-stage-based next-gen programming, launched a national Next Gen Summit, introduced regional events, and redesigned educational resources to align with younger clients’ interests and priorities. Engagement among next-gen HNW clients increased nearly 5% year-over-year, reinforcing the effectiveness of this strategy.
Finally, the bank expanded its private client adviser footprint, opening new offices and strengthening senior leadership in key markets such as Miami, New York, Boston and Washington, DC. This geographic investment, combined with ongoing recruitment of top advisory talent, enhanced coverage depth for HNW clients, taking the Bank of America experience to the next level.
