Bank America is ranked No. 1

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More high-net-worth clients go to the Bank of America's Private Bank than any other in the U.S.|ret||ret||tab|

According to Private Asset Management, a national trade publication, the Private Bank division of Bank of America was recently ranked No. 1 for the second year in a row.|ret||ret||tab|

The financial firms were ranked by dollar value of assets under management at the end of 1999. Bank of America topped the list with $130.5 billion in managed assets, edging out The Northern Trust Company and Citibank Private Bank, with $91.6 billion and $87 billion, respectively.|ret||ret||tab|

With 100 locations in 24 states and nine international offices, Bank of America has an extensive network, even reaching into southwest Missouri. Located on the square in downtown Springfield, the Private Bank division serves approximately 900 millionaires in the southwest Missouri region, said Randy Saul, senior vice president.|ret||ret||tab|

Located adjacent to the main bank offices, there are no tellers or drive-through windows at the Private Bank.|ret||ret||tab|

"We serve clients with a net worth of more than $1 million, excluding the value of their home," Saul said. "And we take care of all their financial needs. We help them manage that wealth in all lines of business."|ret||ret||tab|

Saul believes that the nature of the Bank of America organization kept it in the top slot for 1999. The size of the network allows for a large cross-section of expertise to be tapped by a Private Bank client. |ret||ret||tab|

Services offered are as diverse as advice on timber land, oil prices, real estate or international finance. |ret||ret||tab|

Whether they are in a Bank of America in St. Louis or the Cayman Islands, specialists are available, ready to answer any questions.|ret||ret||tab|

Besides the quality of service, a rapidly changing demographic is also bringing more clients to the Private Bank. |ret||ret||tab|

"The baby boomers are coming of age, and transferring wealth to the next generation," Saul said. "And we are getting people who retire at age 50; and the dot.com' generation may like to retire at age 35."|ret||ret||tab|

The millionaires are not only getting younger but also more savvy, Saul added. "With the Internet, we are seeing such a flow of information that the customers are getting much more educated."|ret||ret||tab|

To keep up with that trend, the Private Bank now offers full disclosure of account and investment information to their high-net worth clients, available 24 hours a day, seven days a week over the Internet.|ret||ret||tab|

"Bank of America has a very powerful Internet banking arm," Saul said. "I think it's great; it allows an instant dialogue with our clients."|ret||ret||tab|

People come to professional asset managers from all walks of life. Some have liquidated their business, come into an inheritance or won the lottery. |ret||ret||tab|

"A lot of customers come to us with a lack of (financial) diversity," Saul said. "We help them diversify so they can preserve that wealth."|ret||ret||tab|

But even all the riches in the world can't buy more time. Unless of course, clients have a team of experts to help make the right decisions.|ret||ret||tab|

"We save our clients' time," Saul said.[[In-content Ad]]