Bank of America Targets Rich Clients

Bank of America Corp. has launched a new managed investment advisory account that will allow wealthy clients access to a wide range of investments in a single account.
The new program, Portfolio Strategies – Managed, will initially be available to affluent clients through Banc of America Investment Services Inc.
It will offer more than 70 portfolios. Clients’ account must be more than $250,000.
The account will combine mutual fund “wrap” accounts with separately managed stocks, bonds and other investments chosen by a variety of portfolio managers to help investors diversify their holdings while minimizing taxes.
Also, Bank of America recently said it would offer 30 free online stock trades a month to many customers who deposit at least $25,000 with the bank.