The fiduciary standard
When it comes to managing your wealth, your financial relationships should be built on a foundation of trust, integrity and transparency.
Earning Your Confidence
When it comes to managing your wealth, your financial relationships should be built on a foundation of trust, integrity and transparency.
At Bank of America Private Bank, our trust and investment management relationship with you is supported by the strongest standard of integrity, trust and accountability — the fiduciary standard — which requires us to act solely in your best interests. 1 Whether we are managing your portfolio, serving as trustee, or administering an estate, our focus is what best meets your objectives.
Serving trusts, estates and foundations with a fiduciary standard
To help ensure that we meet our obligations, external oversight and internal processes are in place to assess compliance with our responsibilities to you.
- When we serve as trustee, we monitor adherence to the terms of the trust document as well as the unique investment and wealth transfer objectives of the trust to help ensure that we are meeting our fiduciary obligations to it and to the trust beneficiaries, both present and future.
- Through a prescribed process, we review all fiduciary accounts to see that they are being administered in accordance with their investment policy statements and governing documents, laws and regulations.
- Government regulators examine our fiduciary activities regularly to assess compliance with our responsibilities.
Managing your investments with a fiduciary standard
A consistent, disciplined investment process is adhered to when we serve as your investments manager.
- We apply our insight and experience to help you make the most of the things that are of the greatest importance to you.
- Our focus is not simply investment returns, but management of your assets with your goals at the center of our thinking.
- In fulfilling our commitment we may also focus on the factors that influence your goals, now and in the future, such as: family considerations, lifestyle needs, charitable aspirations, legacy desires — the many dimensions of life that intersect with your finances.
- When we provide investment services to you, your investment manager works with you to design a formal investment policy statement. It documents key parameters such as anticipated liquidity needs as well as guidance and restrictions you have established that will guide the way in which your portfolio is managed. As a result, your portfolio is driven by your personal and financial objectives and the asset allocation that is specifically designed to meet them.
- In adhering to the fiduciary standard, our commitment, first and foremost, is to serve your best interests and goals and place them ahead of our own.
- In serving you, we may seek to access the vast capabilities of Bank of America, including calling upon our colleagues and affiliates to assist us. When we do so, we provide disclosure of related conflicts of interest so that you understand and agree that our actions serve your interests.
1 Bank of America, N.A. and U.S. Trust Company of Delaware (collectively the "Bank") do not serve in a fiduciary capacity with respect to all products or services. Fiduciary standards or fiduciary duties do not apply, for example, when the Bank is offering or providing credit solutions, banking, custody or brokerage products/services or referrals to other affiliates of the Bank.
This content is designed to provide general information about planning ideas and strategies and does not constitute legal advice, and is not intended to be all-inclusive. It is for discussion purposes only since the availability and effectiveness of any strategy is dependent upon your individual facts and circumstances. Always consult with your independent attorney, tax advisor, investment manager, and insurance agent for final recommendations and before changing or implementing any financial, tax, or estate planning strategy.
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