Was wondering how good this group is compared to other investment management BB's. And how would you compare the investment management exit opps with banking (which is far more popular on this site)?
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From what I've gathered, they're probably in the lower tier (this is based on research from this forum and speaking to people in the industry).
Also interested in some insight about this...
BAML GWM is still struggling to reach an identity due to all the merges they have experienced over the past 3-4 years. Over that time period there has been the inclusion of BofA WM, US Trust, LaSalle Bank Private Bank(regional bank) and (of course) Merrill Lynch WM (I may even be forgetting some institutions). That is A LOT of very distinct cultures that need to all act in unison, which is a difficult thing to manage. How are the FAs at these firms supposed to sell the firm when prospects are always asking about all the integration issues? It’s tough and frankly they should have left the “thundering herd” alone and not merged that entrepreneurial culture with a “bank”.
i've been hearing there's a lot of identity crisis at baml gwim as well. management is trying to keep the culture of their legacy firms.. if you have to pick a group, i've heard retirement space is the best place to be right now at baml.
Though a lot of the above is partially true, it isn't completely true. tan86 mentioned the inclusion of BofA WM, US Trust, LaSalle, and ML WM and the issue of integrating all these cultures, but there is not a major/noticeable culture clash within the GWIM space at BAML (speaking from experience having formerly worked there and having seen the different groups and what they do). You are ignoring the vast versatility that having the largest FA network in the world coupled with the number one depository institution can bring. The firm has had great success in navigating retail banking relationships into wealth management ones. Groups like US Trust and the Private Bank add to the unique array of options available to Ultra HNW clients as US Trust is one of the best fiduciary planning organizations out there to extremely high net worth clients who want to finance yachts, pass down estates, fund private businesses, or are looking for diverse investment opportunities like timber for example. Such clients can benefit from dedicated deal teams of portfolio managers, trust officers, and alternative investment specialists. These groups provide a diversification of services that is difficult to find at other banks, primarily because of the unique merger between two firms that had very different specialties prior to the unification. Sure there are cultural issues to work through, but to say that there is an "identity crisis" is a little dramatic. The legacy Merrill culture has not "died" but has conformed and adapted with the inclusion of BofA personnel. They still have the largest FA network at their disposal, and the product pipeline and equity platform has drastically improved. Still a good place to be...
EDIT: Full disclosure: I do not work in GWIM at BAML...
Just a quick follow up, what's the difference between US Trust and the Private Banking groups within BAML?
Mainly Net Assets of the clients and the range of solutions offered (i.e. US Trust has Trust officers and capabilities... they are also often fiduciaries so there are legal implications as well)
I understand Private Banking is $10 mil. and over and US Trust is somewhere below that?
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