Bank of America is launching a national television advertising campaign for US Trust, targeting ultra high net worth individuals and families and based on the concept of legacy.

Bank of America is launching a national television advertising campaign for US Trust, targeting ultra high net worth individuals and families and based on the concept of legacy.

The campaign, which will air over the summer and during key sporting events, will “highlight the value and ‘worth’ of partnering” with US Trust, the bank announced. It will do this by focusing on the services it offers to “build and maintain legacies across generations,” beyond managing performance and risk. It will use the concept of “providing for those who came before you” while “helping prepare those who come next.”

The Boston-based advertising agency Hill Holliday worked on the new commercials, which premiered during coverage of the French Open on ESPN2 as well as during SportsCenter on ESPN and daily programming on CNBC.

Signage with the US Trust logo will be visible at several Major League Baseball stadiums to support the television campaign.

The campaign highlights the active approach banks are taking to increase their ultra high net worth client base. Boston Consulting Group’s latest annual report on global private wealth said that total global wealth grew only 1.9 per cent in 2011 to reach a total of $123 trillion. This growth rate is far lower than in the previous two years. However, the brighter news for wealth managers is that the UHNW market, defined as households with more than $100 million in wealth, is growing by 3.6 per cent per year, and is expected to remain so for the next five years, with a projected compound annual growth rate of 8 per cent.

In this competitive environment, with extraordinarily high service expectations, wealth managers are increasingly highlighting that their services go beyond financial planning. 

Separately, Bank of America announced a new Merrill Lynch Wealth Management campaign, comprised of 30-second television spots which align the brand with "strength and optimism."