Opinion of B of A Private Client Services

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Feb 25, 2007 1:30 am

Thought I would throw this out and get some responses.  In competition for a HNW client whose other possibility is the Private Bank at B of A.  Anyone have experience with going toe to toe with them in competition for a client?

Feb 25, 2007 2:30 am
DodgerDraftpick:

Thought I would throw this out and get some
responses.  In competition for a HNW client whose
other possibility is the Private Bank at B of A.  Anyone have
experience with going toe to toe with them in competition for a
client?





BoA's Private services aren't really that impressive untill you hit
serious money (15M+). If was that HNW, I'd be more likely to go with a
local private bank. And if you are seriously HNW, BoNY among others has
much better services.



I'd point out to the clients that as a total %age of deposits, they
would be small fish to BoA vs being big fish to you. I'd also explain
how BoA's service isn't that impessive for being a national bank etc
etc.



I usually explain how BoA comes from a bank perspective, and so they
will push bank deposits over investments, and then as investments they
aren't the best tending to put people into SMA's vs building and
watching a personal customised portfolio.



Mostly you play up the angle, small is beautiful.

Feb 25, 2007 11:36 am

Deliver consistently, methodically (sp) and on time.  Maintain regular contact and provide solutions from many different vendors (money managers).  BAC Private is frought with "look at me" types who deliver little more than an exclusive name for poor service.

Feb 25, 2007 3:12 pm

Thanks all very good points FX I will do that.

Feb 25, 2007 4:19 pm

Well said NOFX

Feb 25, 2007 8:38 pm
NOFX:

BAC Private is frought with "look at me" types who deliver
little more than an exclusive name for poor service.





BAC private isn't even that exclusive. Serious money doesn't bank at BAC.