At its latest investor day, Bank of America’s wealth division — which includes Merrill Wealth Management and the Private Bank — set an ambitious target of 4–5% net new asset growth in the medium term.
“We have the scale and infrastructure to outpace the industry,”
said Eric Schimpf, Co-President of Merrill Wealth Management.
The business expects to add $135B–$150B in new fee-generating assets each year, with pre-tax margins projected to rise 4–6%.
Revenues are also forecasted to grow twice as fast as expenses, according to Co-President Lindsay Hans.
📊 The Bigger Picture
- Wealth AUM: $4.6T (vs. JPMorgan $6.8T; Morgan Stanley $7T)
- Total BofA Wealth Assets: $6.4T including consumer segment
- Deposits: $947B, up 32% since 2019
- Team: 25,000+ wealth professionals across the U.S.
While its 26% pre-tax margin still trails peers (Barclays), the renewed focus on organic growth, fee income, and margin expansion signals BofA’s intent to close the gap in the global wealth race.
🔹 The Takeaway
BofA’s strategy reflects a clear pivot — from stability to scalable growth.
In a market driven by consolidation and cost discipline, the firm is positioning its wealth arm as the next major profit engine.