Bank of America 2005 Annual Report Download - page 24

Bank of America 2005 23
ank of America delivered more
products and services to more cus-
tomers than ever before through
collaborative efforts among its busi-
ness segments in 2005. Client referrals to and
from the bank’s Global Wealth and Investment
B
Management division alone generated more than $25 billion
in loans, deposits and investments last year, and Global
Wealth and Investment Management associates helped
close more than 200,000 referrals of clients from one
part of the bank to another.
Whether in wealth and investment management or small
business or corporate investment banking, our strategy is
the same: intensify internal teamwork to raise awareness
of our capabilities and serve clients in more holistic ways to
develop comprehensive banking relationships.
Most referrals originate from Global Consumer and
Small Business Banking, which had relationships with more
than 38 million U.S. consumers and small businesses as of
Dec. 31, 2005. When new customers visit any one of 5,873
banking centers in the United States to open a new
account, affluent clients are referred to Premier Banking
and Investments, which serves clients with investable assets
between $100,000 and $3 million, or The Private Bank, for
those with assets above $3 million. Once these clients obtain
access to integrated banking and investment services—in-
cluding financial and retirement planning and wealth trans-
fer and estate planning—they generally do more business
In 2005, Bank of America began to extend its wealth transfer and
estate planning services to clients of Premier Banking and Investments,
such as Dr. Arthur and Carla Silver, of Atlanta.
with us as their account balances tend to rise.
One example of how the initiative is working involves a
commercial banking client who was about to sell his busi-
ness for more than $50 million. To provide this client with
an end-to-end solution, his banker brought in mergers and
acquisition specialists from the Global Capital Markets
and Investment Banking division, who helped facilitate the
sale. He then tapped the expertise of The Private Bank for
presale tax planning and wealth management strategies.
Upon selling his business, the client deposited assets from
the sale into his Private Bank account.
We offer clients a compelling value proposition: Give us
the opportunity and we will provide unmatched convenience
and expertise, high-quality service, and a full set of financial
products and services delivered as a single relationship.
How We Grow: Working Together
Increasing client referrals
Meeting customers’ needs across divisions with customized end-to-end service
How we grow by working together
In 2005, by collaborating across lines of
business, our associates created new growth
opportunities beyond those available to
our individual units. Working together, we
presented customers integrated financial
services solutions composed of products
from across the entire bank.
Collaborating across separate lines of
business to deliver more financial services
not only increases revenue opportunities,
it also increases customer convenience
and satisfaction. We have a large and
diversified portfolio of products for the
consumer, small business, commercial,
investment and capital markets, among
others. Deployed efficiently, our vast
product offering, combined with the conve-
nience, efficiency and competitive pricing
provided by our coast-to-coast franchise,
allows customers to turn to us as a single
source for diversified financial services.