Updated October 29, 2026. Quick answer: We found no published asset-based fee schedule for Bank of America Private Bank, which is a division of Bank of America, N.A., and the SEC’s adviser database lists no firm under that name. The Bank of America advisory fee that is on file belongs to Merrill Lynch, Pierce, Fenner & Smith Incorporated: a maximum Merrill Lynch Fee Rate of 1.75%, negotiable, which we compute as up to $8,750 a year at $500,000 before any Style Manager Fee.
Which Bank of America entity charges what
A search for Bank of America wealth management fees can mean two different companies. The rows below use Bank of America’s own wording from its Merrill page, read on October 29, 2026.
| Name | What Bank of America says it is | Fee it publishes |
|---|---|---|
| Bank of America Private Bank | “Bank of America Private Bank is a division of Bank of America, N.A.” “Trust, fiduciary and investment management services, including assets managed by the Specialty Asset Management team, are provided by Bank of America, N.A.” | No Form ADV brochure and no asset-based fee schedule under this name that we could find (see below). |
| Merrill: Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD 7691) | “MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.” | A published maximum fee for its Investment Advisory Program (table below). |
We searched the SEC’s adviser database (IAPD) on October 29, 2026 for the names Bank of America Private Bank, Bank of America and U.S. Trust and found no investment adviser registered under any of them. Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD 7691) is listed there as an active registrant (its IAPD record), and you can run the same search at adviserinfo.sec.gov. If your relationship is with the Private Bank, the fee arrangement is in your own agreement with the bank, and the written fee in dollars is the thing to ask for.
What Merrill Lynch’s brochure says it charges
“We have set the maximum Merrill Lynch Fee Rate for the Program at 1.75%. The Merrill Lynch Fee Rate is negotiable, meaning you and your Advisor may agree to a Merrill Lynch Fee Rate for an Account that is lower than 1.75%.” (Merrill Lynch Investment Advisory Program Brochure, June 26, 2026.)
| Account balance | Our arithmetic | Maximum Merrill Lynch Fee a year |
|---|---|---|
| Computed at $250,000 | $250,000 times 1.75% is $4,375 | $4,375 |
| Computed at $500,000 | $500,000 times 1.75% is $8,750 | $8,750 |
| Computed at $1,000,000 | $1,000,000 times 1.75% is $17,500 | $17,500 |
| Computed at $2,000,000 | $2,000,000 times 1.75% is $35,000 | $35,000 |
Applying the 1.75% maximum as a flat rate is our arithmetic: Merrill publishes a maximum rate and not a dollar table, and your own rate may be lower. If you pick a strategy with a Style Manager, a separate fee applies on top: the brochure says “generally range from 0.00% to 0.65%” for the Style Manager Rates.
Where to go next
For the full Merrill Lynch picture read Merrill Lynch fees and the Merrill Lynch minimum, or compare it with another large bank’s published ceiling in J.P. Morgan Private Bank fees. Thinking about moving? See what it costs to leave Merrill Lynch.
Common mistakes
- Assuming the Private Bank’s fee is Merrill’s published 1.75% maximum: they are different legal entities.
- Reading a maximum rate as the rate you pay: Merrill’s brochure says the rate is negotiable and may be lower.
- Leaving out the Style Manager Fee when a strategy carries one.
Related: Merrill Lynch fees, and average wealth management fees.
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Answer againSources
- Merrill Lynch Investment Advisory Program Brochure (Form ADV Part 2A Wrap Fee Program Brochure), June 26, 2026: www.ml.com
- Merrill, Understanding Our Brokerage & Investment Advisory Services (ml.com), read October 29, 2026: www.ml.com
Read from the filings and pages linked above on October 29, 2026. General information, not investment advice. Fees and minimums change, and the firm’s current brochure and a written quote are the documents that decide what you pay.