Bank of America has added to its wealth management offering with a product aimed at a mass affluent audience. The unified managed account...

Bank of America has added to its wealth management offering with a product aimed at a mass affluent audience. The unified managed account will package multiple investment products, such as separately managed accounts and mutual funds, into one account with one statement and for a single fee. The product, called Portfolio Strategies-Managed, is aimed at individuals with between $250,000 and $1 million to invest. Bank of America’s wealth management products range from separately managed accounts for high net worth clients with more than $1 million to mutual-fund wrap accounts, which have minimums starting at $50,000.