Bank of America Forms Specialist Group Serving the Ultra-Wealthy

Bank of America Corp. created a group of specialists that cater to the ultra-wealthy, looking to capitalize on the growing ranks of super rich clients needing complex financial products and advice.

The new ultra-high-net-worth advisory group will be housed in the bank’s Merrill wealth-management unit, according to company executives. As the main point of contact, the roughly 25 specialists will help Merrill financial advisers and their clients navigate financial needs including loans, estate planning and investment management.

Signage at a Bank of America branch in New York

Photographer: Michael Nagle/Bloomberg

The number of individuals with more than $10 million in assets is “rapidly growing,” Rob Romano, the head of capital-markets investor ...