Bank of America Targets 4% Wealth Management Growth at Investor Day

CHARLOTTE, N.C. — Bank of America (BofA) outlined ambitious targets for its wealth management division during its recent Investor Day presentation. Executives indicated the bank aims for medium-term net new asset growth of 4% to 5%. Co-president of Merrill Wealth Management, Eric Schimpf, noted that pre-tax margins could expand by 4% to 6% over the upcoming years.

Schimpf projected an annual increase of $135 billion to $150 billion in fee-generating assets. He emphasized BofA’s capacity to surpass industry growth rates, saying, “We have the scale and we have the infrastructure to be outpacing the industry in terms of growth.” According to Barclays, BofA’s wealth management pre-tax margin stood at 26% in the third quarter, behind other major financial institutions.

Lindsay Hans, Schimpf’s co-president, stated that revenue in wealth management is expected to grow at twice the rate of expenses. Currently, BofA manages approximately $4.6 trillion in client assets, less than JPMorgan‘s $6.8 trillion and Morgan Stanley‘s $7 trillion.

During the third quarter of 2025, BofA’s Global Wealth & Investment Management unit reported around $2.1 trillion in assets under management, reflecting a 13% increase. The bank established 5,400 new client connections and opened about 32,000 new bank accounts during this period.

BofA employs over 25,000 staff in its wealth management services, catering to clients across the U.S. The consumer banking sector has also seen growth, with average deposits rising to $947 billion, a 32% increase since late 2019.

The Investor Day event, which marked the first in nearly 15 years, reaffirms BofA’s commitment to transparency and aligning its growth strategies. However, analysts are wary of the conservative nature of the growth projections, as investor enthusiasm appeared muted following the announcements.