Bank of America Private Bank Reported Growth in 2025
The bank saw increased client balances as it expanded digital and talent investments to manage wealth transfers.
Updated on Oct. 1, 2026 in Financial Planning
Live Poll
Do you trust automated digital tools to provide high-quality financial advice?
Bank of America Private Bank reported an 8% increase in annual revenue during 2025, reaching $4.2 billion. The firm manages $757 billion in client balances while scaling its digital offerings and advisory workforce.
Why it matters
The firm is scaling its operations to address a projected $124 trillion intergenerational wealth transfer expected over the next two decades. This transition involves shifting $106 trillion in assets to Gen X, millennials, and Gen Z households.
The bank manages $757 billion in client balances, reporting revenue growth of 8% year-over-year. Market-specific growth reached 43% in Boston, 42% in Los Angeles, and 36% in New York City during 2025.
The players
Katy Knox
As President of Bank of America Private Bank, she oversees the firm's strategic focus on digital engagement and talent acquisition.
Bank of America
A national financial institution providing a range of consumer, wealth management, and banking products.
The details
Bank of America has tripled its investment in technology including mobile and AI-driven platforms since 2022 to meet the needs of the 94% of private bank clients who are digitally engaged. To handle complex wealth planning, the firm added 145 team members, including 55 new advisors. These changes are designed to support clients as they navigate shifting assets across generational lines.
Timeline
2022: The private bank began tripling its investment in technology.
2025: The division reported balance growth across major U.S. markets.
Money Landscape
Wealth management firms are currently shifting their service models to accommodate the upcoming $124 trillion intergenerational wealth transfer. This transition represents a significant pivot in the industry toward digital-first tools for younger generations receiving inheritances.
Households expecting significant inheritances should review how their current advisory team handles digital assets and AI-based wealth tools. Consider scheduling a review of your long-term estate plan with a qualified financial or tax professional to ensure your strategies align with upcoming market shifts.
The takeaway
Financial institutions are increasingly prioritizing digital and advisory infrastructure to capture assets as wealth changes hands. Review your own estate planning documents and digital legacy access with a qualified professional to ensure your heirs have clear paths to manage these future transfers.
Further reading
For more information on preparing your estate for future transitions, see our guide to Financial Planning.
Source note: This article includes information reported by American Banker.
Live Poll
Do you trust automated digital tools to provide high-quality financial advice?
