Managing Wealth Includes Online Reputation and Digital Asset Management for U.S. Trust Clients

Expanded Financial Empowerment Program Helps Families Address Risks in an Online World

NEW YORK--()--U.S. Trust, the private wealth management arm of Bank of America, today announced it has expanded its Financial Empowerment Program to address risks to family wealth in an online world. As part of the expanded program, U.S. Trust has developed interactive learning and discussion guides to help clients and their children or heirs protect the value of their digital assets, online reputation, privacy and security.

“From social media profiles to online banking and digital photos, virtually everyone today has a digital footprint that can have a profound effect on their personal, professional and financial lives,” said Chris Heilmann, U.S. Trust’s chief fiduciary executive. “Digital assets have value beyond their monetary worth and need a plan to protect them. Increasingly, our clients are asking for tools and advice to prepare themselves and the next generation from emerging risks. Managing digital assets is now an essential part of the modern wealth management and planning process.”

The U.S. Trust Financial Empowerment Program is a comprehensive set of educational resources and interactive learning tools on a range of topics from the principals of savings, investing and estate planning to sophisticated wealth structuring, credit and finance strategies. The program was developed to help clients’ family members prepare for receipt and stewardship of family money, with an eye toward the distinct circumstances and complexities that increased wealth can bring.

The expanded program was created based on client feedback and proprietary research that shed a light on deficiencies in digital asset estate planning and the need to address risk in a digital world. According to the 2013 Insights on Wealth and Worth1, the latest of U.S. Trust’s annual studies of high net worth families:

  • More than six in 10 (63 percent) high net worth individuals have not outlined wishes and instructions for their digital assets.
  • Forty-five percent have not organized passwords for accessing digital accounts and files.

The new Financial Empowerment Program now includes learning modules for the following:

  • Protecting digital assets: An overview of digital assets, including online personal, social, financial and business assets, and their monetary, sentimental and “good steward” value. Included is an in-depth exploration of trust and estate issues related to digital assets and privacy laws surrounding them, including ownership of and access to social media sites, photos, health records, loyalty programs, business intelligence and other confidential information.
  • Managing online reputation: How and why online information, whether its self-posted or posted by friends, family, employees, the news media or other third parties, can affect everything from getting into the right school or job to business and legal dealings to personal relationships. Action steps provide ways to proactively monitor and manage online presence, protect and secure confidential Information and clear up mistakes or inaccuracies.
  • Identity theft: How to recognize and avoid identity theft and fraud risks, such as computer and device hacking and phishing, dumpster diving, telemarketing schemes, charity scams and inheritance scams. The module includes actions steps for what to do if personal information is compromised or identity theft is suspected. In addition, a “Digital Inventory Worksheet” is available to aid in organizing and managing a digital footprint.

U.S. Trust clients’ children and grandchildren can get started in the Financial Empowerment Program through their U.S. Trust advisor who will work with them to identify values and goals and diagnose gaps in financial knowledge. Participants then receive a customized program that can be delivered online, in one-on-one sessions or in groups for the entire family.

The Financial Empowerment program is part of U.S. Trust’s Family Wealth Services, an offering that addresses a wide range of clients’ investment, banking, wealth transfer and legacy planning needs. It does so by providing customized strategies that incorporate generational differences, family diversity, emerging risks to financial security and overall family goals and values.

Visit the U.S. Trust website to learn more about U.S. Trust’s Family Wealth Services and the Financial Empowerment program.

1Conducted in February and March 2013, the latest U.S. Trust Insights on Wealth and Worth is based on a nationwide survey of 711 high net worth and ultra high net worth adults with at least $3 million in investable assets, excluding the value of their primary residence.

U.S. Trust
U.S. Trust, Bank of America Private Wealth Management is a leading private wealth management organization providing vast resources and customized solutions to help meet clients' wealth structuring, investment management, banking and credit needs. Clients are served by teams of experienced advisors offering a range of financial services, including investment management, financial and succession planning, philanthropic and specialty asset management, family office services, custom credit solutions, financial administration and family trust stewardship.

U.S. Trust is part of the Global Wealth and Investment Management unit of Bank of America, N.A., which is a global leader in wealth management, private banking and retail brokerage. U.S. Trust employs more than 4,000 professionals and maintains 140 offices in 32 states.

As part of Bank of America, U.S. Trust can provide access to a broad range of banking solutions for individuals and businesses, and an extensive retail banking platform.

Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 50 million consumer and small business relationships with approximately 5,100 retail banking offices and approximately 16,300 ATMs and award-winning online banking with 30 million active users and more than 14 million mobile users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

U.S. Trust operates through Bank of America, N.A., and other subsidiaries of Bank of America Corporation. Bank of America, N.A., Member FDIC.

© 2014 Bank of America Corporation. All rights reserved.

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Contacts

Reporters May Contact:
Julia Ehrenfeld, Bank of America, 1.646.855.3267
julia.ehrenfeld@bankofamerica.com

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Contacts

Reporters May Contact:
Julia Ehrenfeld, Bank of America, 1.646.855.3267
julia.ehrenfeld@bankofamerica.com