U.S. Trust, Bank of America’s private wealth management unit, today unveiled a new advertising campaign that asks: “What is worth?”
The 200-year-old U.S. Trust brand is targeting ultra-high net worth potential clients in hopes they will join an investment banking team that has been profitable but with flat growth, as reflected in Bank of America’s first-quarter results.
The “What is worth?” campaign will run through the end of the year in a range of print and online publications.
“Development for the new campaign included extensive market research that underscored the fact that people do not consider their ‘worth’ and their ‘wealth’ to be synonymous; they see their worth as a reflection of their values, goals, work ethic, relationships, history and legacy,” said Claire Huang, head of marketing for Bank of America Global Wealth Management, Global Banking and Global Markets.
The nation’s top bank by assets, Bank of America wants to be the caterer to the ultra-wealthy as the economic recovery takes a stronger foothold in the months to come.
Its Global Wealth and Investment Management unit is poised for substantial growth, the bank believes. It earned a net income of $497 million in the first quarter, about a 4 percent increase from a year ago. Results were driven mainly by higher investment and brokerage activity. Net revenue increased to $4.4 billion.
U.S. Trust’s net revenue in the first quarter came in flat at $688 million as net outflows and lower residual net interest income offset the run-up in equity market valuations.
In its campaign, U.S. Trust wants to convey to customers a measure of discreetness with an advisor “who understands their complex pursuits, passions, priorities and the dynamics in their lives,” said Keith Banks, president of U.S. Trust, Bank of America Private Wealth Management.
“At U.S. Trust, we believe affluence should be measured not only by net worth, but by the things in life that take on a worth all their own,” the U.S. Trust ads say.
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