Bank of America 2011 Annual Report Download - page 12

“How can you help us
grow and preserve what
we’ve earned?”
Can you give an example of how you served a Merrill Lynch
Wealth Management client with a broad range of needs?
We recently helped a private business owner sell his company,
advising on the ramifications to the family of handling a large
infusion of cash. For example, we brought in teammates
across Bank of America and Merrill Lynch to help with tax
minimization strategies, philanthropic goals and ways to
finance the grandchildren’s education. Now we can help the
client manage the assets of all three generations by providing
financial guidance to each family member, including access to
credit solutions. In this instance, we help with all aspects of
the client’s finances, including online bill pay and banking
needs, trust and foundation services and portfolio strategies.
Why is it important for investors to have a financial
advisor? An investor’s wealth management, banking and
even legacy needs are all interrelated, and it is critical that
the investor has an advisor who understands those needs
and can offer a broad range of solutions. In wealth manage-
ment, we evaluate income, mortgage needs and other
factors, and then assess cash flow needs to help determine
an appropriate mix of investment and risk strategies for the
client’s goals. We also conduct due diligence on external
investment managers. Private banking needs could include
cash management, bill pay and credit needs, where conve-
nience, efficiency and attention to detail are critical. And as a
financial advisor to the family, I understand a client’s legacy
needs and offer guidance on ways of managing wealth over
multiple generations. Being part of a large global franchise is
a beneficial way for me to provide this in-depth expertise.
What does the strength of Bank of America banking and
Merrill Lynch investing enable you to provide your clients?
We have access to the resources that enable me to deliver
the financial tools my clients need — but what truly sets us
apart is our ability to work as a team on behalf of each of
our clients. Clients value our abilities and our investment
management and guidance team, which conducts rigorous
due diligence so we can offer access to some of the leading
money managers across investment categories. By under-
standing each client’s full range of needs, we can identify
ways to provide access to services and solutions, including
credit, trust and global banking capabilities. All of these
considerations make it convenient for clients to have access
to more financial products and services.
John (Jeff) Erdmann III
SENIOR VICE PRESIDENT — WEALTH MANAGEMENT
PRIVATE WEALTH ADVISOR
“Our more than 18,000 wealth advisors work with clients to
understand the challenges they face, and design sophisticated,
customized strategies to help them meet their goals.”
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