U.S. Trust, the private wealth management business of Bank of America, is homing in on the diversity of the modern American family with the launch of a suite of services designed to help them with multi-generational wealth planning.
Family Wealth Services, which the firm launched Monday, includes investment, banking, wealth transfer and legacy planning capabilities as well as wealth management strategies that incorporate generational differences, family diversity, and overall family goals and values, according to U.S. Trust.
Todays families are complex, and they come in all shapes and sizes, with emotional, lifestyle and financial issues that are often closely intertwined, Keith Banks, president of U.S. Trust, said in a statement. Family Wealth Services is a reflection of the increased interest were seeing by clients taking control of their individual financial security with a more disciplined, proactive, longer-term view of family relationship and responsibilities.
The services include next-generation financial education to help children of high-net-worth families become financially literate; eldercare planning to help clients evaluate options for elderly relatives; wealth planning for women and LGBT domestic partners; estate planning; guidance on philanthropy; and administrative support for family members and other individuals serving as a trustee or executor.
U.S. Trust is part of the Global Wealth and Investment Management union of Bank of America.