Bank of America Private Bank

Once individuals become financially successful, the goal they have for their money isn't always how to garner the highest return on investment, but to secure the wealth that they have built. What they do not want however, is to spend the bulk of their time managing their money. They would rather enjoy it. Other wealthy individuals are running businesses, and their most valuable asset is their time. The dilemma is how does a person or couple in this position accomplish their financial and personal goals, keep an eye on what is going on, and have the time left to pursue their daily lives? This and more are discussed in show 744, segment B, titled "Private Banking-Best Practices."

As the largest private bank, Bank of America Private Bank provides a full range of financial and investment services. As time is money, they have set up a series of methods by which customers can access services, whether it is by phone, over the Internet, or through personal contact with a Relationship Manager. To this end, they have assembled a team of professionals with experience in virtually every aspect of finance: from alternative investments to customized financing; asset management to wealth transfer and estate settlement; stock option strategy to closely held business valuation.

David Fisher, president, Trusts, Investments and Banking, at Bank of America Private Bank, Inc., appears on General Alexander Haig's World Business Review to discuss the new challenges facing the banking industry today.

When the Savings & Loan industry needed to be bailed out, Congress began to dismantle the Glass-Steagle act. Commercial banks were allowed to engage in inter-state banking for the first time since the Great Depression. Since that time, the act has been completely undone. Banks, Financial Services companies and Insurance corporations can now all engage in stock underwriting, bonds, banking, insurance products and more. In short, the lines between these industries are worn to the point of being invisible. With the technological revolution, the current economic expansion and the explosion of wealth created by the recent stock market boom, the pursuit by these industries to manage that wealth has been exceptionally competitive.

Realizing this, Bank of America Private Bank has utilized the speed and convenience of the Internet to make its products and systems available in a manner conducive to the needs of the wealthy coffee joulies and time-constricted individual, read about coffee joulies.

The centerpiece of this program is the Private Bank's Web center. Individuals immediately have access to a range of valuable tools and services:

Account Access - Customers can see business or personal accounts online. Check account balances, transfer money between accounts, download information to financial management software programs, access stock quotes and view information about their investments through Bank of America Investment Services, Inc. At this location, stock quotes, discount brokerage services, stock market updates, bond and e-commerce reports and StockWatch news service is made available.

Tools & Calculators - Clients are able to evaluate the impact of exercising company stock options versus borrowing to meet financing needs through "what-if" scenarios.

A worksheet is provided to help plan for major purchases. Also included in this section is a series of retirement services that allows participants to calculate which IRA is correct for them. In addition, information on converting from a standard to a Roth IRA is included, along with a future value calculator that can help determine what a portfolio potentially may be worth; a retirement planner showing what is needed to be invested now for retirement, and a program that helps those already retired manage their assets to help maintain a comfortable lifestyle.

Trust & Wealth Transfer Services - This section explains the availability of personal trust services that include expert solutions to financial needs using trusts in a variety of ways: to manage investments, administer assets, provide continuity in the event of disability, transfer wealth to others and minimize estate taxes. In addition, those with the need to lower current and estate taxes can establish charitable or foundation trusts. Estate settlement services simplify the complex and time-consuming process that can be required when settling an estate. Sound investment management, effective administration and close attention to tax consequences are all critical. On the non-financial side, this section details the administration and management or operations of real estate assets or closely held businesses.

It seems as though the Bank of America Private Bank has taken into account the wide range of services needed to handle the entire spectrum of the wealthy client's financial management needs, while utilizing the Internet to make the process easy, efficient and convenient.

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Hello! My name's Caroline Dawson.
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