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BAC & Merrill Expand Private Markets Access: A Push for UHNW Clients?
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Key Takeaways
Bank of America Private Bank and Merrill launch Alts Expanded Access for UHNW clients.
The program targets clients with $50M+ net worth, offering tailored alt investment access.
BAC also grew Premium Access Strategies to $60B and will open 110 new centers by 2026.
In order to expand its affluent client base, Bank of America’s (BAC - Free Report) subsidiary, Bank of America Private Bank, has introduced the Alts Expanded Access Program in collaboration with Merrill Wealth Management. This program will be available in fall 2025, specifically to ultra-high-net-worth (UHNW) clients with a net worth of $50 million or more.
This program offers greater diversification benefits and complements the existing Alternative Investments platform. The key features include tailored access to emerging themes, supported recommendations, and client-directed due diligence.
Bank of America has been aiming to expand its market share to capitalize on the rising demand for alternative assets among UHNW clients. According to a Bank of America Private Bank study in 2024, 93% of the young HNW investors plan to increase their allocation to alternatives in the coming years.
In January 2025, Merril Wealth Management introduced its UHNW advisory group to offer comprehensive wealth and investment solutions for UHNW clients. Additionally, BAC launched Premium Access Strategies in 2022, a dual contract investment advisory program to cater to UHNW clients, which has grown to more than $60 billion in client assets in just three years. Furthermore, BAC announced plans to open 40 new financial centers in 2025, with an additional 70 in 2026, aiming to tap into growing markets such as UHNW.
Mark Sutterlin, head of alternative investments for Merrill and Bank of America Private Bank, stated, “This program is part of our broader commitment to meet the evolving needs of UHNW clients with increasingly complex financial goals.”
Other Major Banks Pushing for Affluent Clients
Alongside Bank of America, other major banks like Deutsche Bank (DB - Free Report) and Barclays PLC (BCS - Free Report) have been accelerating their plans to boost private banking and wealth management divisions to gain affluent clients.
In July 2025, Deutsche Bank announced the restructuring of its Wealth Management unit to drive growth and efficiency. As part of the restructuring, Deutsche Bank will streamline its offerings within the Wealth Management division to better serve a broad spectrum of clients, from digitally savvy individuals seeking convenient investment tools to HNW entrepreneurial families requiring complex, personalized advisory services.
In December 2024, Barclays’ CEO Sasha Wiggins shared plans to accelerate growth in its Private Banking and Wealth Management segment by increasing its headcount and hiring up to 100 advisers. “The UK is a large market with client investable assets totaling some £3.5 trillion ($4.45 trillion), split across digital investing, affluent and private banking segments,” Wiggins stated, signaling Barclays’ intent to capitalize on the rising affluent market.
BAC’s Price Performance, Valuation & Estimates
So far this year, shares of Bank of America have gained 13.2% compared with the industry’s 22% growth.
YTD Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, BAC trades at a price-to-tangible book ratio of 1.84, well below the industry average of 2.86.
Price-to-Tangible Book Ratio
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for BAC’s 2025 and 2026 earnings indicates year-over-year growth rates of 12.2% and 16.1%, respectively. Earnings estimates have remained unchanged for both years over the past month.
Image: Bigstock
BAC & Merrill Expand Private Markets Access: A Push for UHNW Clients?
Key Takeaways
In order to expand its affluent client base, Bank of America’s (BAC - Free Report) subsidiary, Bank of America Private Bank, has introduced the Alts Expanded Access Program in collaboration with Merrill Wealth Management. This program will be available in fall 2025, specifically to ultra-high-net-worth (UHNW) clients with a net worth of $50 million or more.
This program offers greater diversification benefits and complements the existing Alternative Investments platform. The key features include tailored access to emerging themes, supported recommendations, and client-directed due diligence.
Bank of America has been aiming to expand its market share to capitalize on the rising demand for alternative assets among UHNW clients. According to a Bank of America Private Bank study in 2024, 93% of the young HNW investors plan to increase their allocation to alternatives in the coming years.
In January 2025, Merril Wealth Management introduced its UHNW advisory group to offer comprehensive wealth and investment solutions for UHNW clients. Additionally, BAC launched Premium Access Strategies in 2022, a dual contract investment advisory program to cater to UHNW clients, which has grown to more than $60 billion in client assets in just three years. Furthermore, BAC announced plans to open 40 new financial centers in 2025, with an additional 70 in 2026, aiming to tap into growing markets such as UHNW.
Mark Sutterlin, head of alternative investments for Merrill and Bank of America Private Bank, stated, “This program is part of our broader commitment to meet the evolving needs of UHNW clients with increasingly complex financial goals.”
Other Major Banks Pushing for Affluent Clients
Alongside Bank of America, other major banks like Deutsche Bank (DB - Free Report) and Barclays PLC (BCS - Free Report) have been accelerating their plans to boost private banking and wealth management divisions to gain affluent clients.
In July 2025, Deutsche Bank announced the restructuring of its Wealth Management unit to drive growth and efficiency. As part of the restructuring, Deutsche Bank will streamline its offerings within the Wealth Management division to better serve a broad spectrum of clients, from digitally savvy individuals seeking convenient investment tools to HNW entrepreneurial families requiring complex, personalized advisory services.
In December 2024, Barclays’ CEO Sasha Wiggins shared plans to accelerate growth in its Private Banking and Wealth Management segment by increasing its headcount and hiring up to 100 advisers. “The UK is a large market with client investable assets totaling some £3.5 trillion ($4.45 trillion), split across digital investing, affluent and private banking segments,” Wiggins stated, signaling Barclays’ intent to capitalize on the rising affluent market.
BAC’s Price Performance, Valuation & Estimates
So far this year, shares of Bank of America have gained 13.2% compared with the industry’s 22% growth.
YTD Price Performance
Image Source: Zacks Investment Research
From a valuation standpoint, BAC trades at a price-to-tangible book ratio of 1.84, well below the industry average of 2.86.
Price-to-Tangible Book Ratio
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for BAC’s 2025 and 2026 earnings indicates year-over-year growth rates of 12.2% and 16.1%, respectively. Earnings estimates have remained unchanged for both years over the past month.
Expected Earnings Growth
Image Source: Zacks Investment Research
Currently, Bank of America carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.