BofA Study Finds Longevity and Accelerating Wealth Transfer Are Making Family Finances More Complex

Rhea-AI Summary

Bank of America (NYSE:BAC) released its 2026 Private Bank Study of Wealthy Americans, surveying individuals with $3 million+ in investable assets. Findings show longevity, faster family business transfers, and rising interest in private markets, alternatives, crypto and AI are reshaping wealth planning, diversification and family governance.

AI-generated analysis. Not financial advice.

News Market Reaction – BAC

-0.55%

1 alert

-0.55% News Effect

On the day this news was published, BAC declined 0.55%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Survey respondents: 1,431 individuals Wealth threshold: $3 million UHNW definition: More than $25 million +5 more

8 metrics

Survey respondents 1,431 individuals 2026 Private Bank Study sample size

Wealth threshold $3 million Minimum investable assets for survey inclusion

UHNW definition More than $25 million Threshold for ultra-high-net-worth respondents

Longevity in planning 92% Respondents saying longevity is important in financial planning

Inherited businesses 2026 23% Wealthy business owners reporting they inherited their business

UHNW prefer private markets 77% UHNW respondents seeing more opportunity in private vs public markets

Young crypto ownership 58% Younger wealthy investors currently owning crypto

Digitally active clients 93% Private Bank clients digitally active in 2025

Peers on Argus

BAC gained 1.74% with mixed peers: JPM and WFC were up, while HSBC and C were do...

1 Down

BAC gained 1.74% with mixed peers: JPM and WFC were up, while HSBC and C were down. Only one peer (BMO) appeared in momentum scans, moving down, supporting a stock‑specific tilt around this thought‑leadership wealth study.

Common Catalyst Select peers like WFC also released advisory/insight content, but sector price action was mixed rather than a unified bank rally.

Historical Context

5 past events · Latest: Jun 15 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jun 15	Fraud education push	Positive	-0.0%	Expansion of in‑person fraud and scam prevention "Scaminars" nationwide.
Jun 11	Preferred dividends	Positive	+1.1%	Declaration of regular cash dividends on multiple preferred stock series.
Jun 10	Card tools launch	Positive	+0.2%	Launch of Refer‑a‑Friend, Custom Pay Plan and My Credit for card clients.
Jun 09	World Cup promotion	Positive	+1.4%	FIFA World Cup 2026™ fan bands, beads and nationwide fan experiences.
Jun 05	Regional leadership	Neutral	-0.6%	Appointment of a new Upstate South Carolina market president.

Pattern Detected

Recent BAC news, including product launches, community initiatives and leadership changes, has typically produced modest single‑day moves, with generally aligned reactions to largely constructive announcements.

Recent Company History

Over the past few weeks, BAC has issued a series of operational and franchise‑building updates. These include new digital card tools (June 10), a major FIFA World Cup 2026™ marketing push (June 9), local leadership changes in Upstate South Carolina (June 5), and large‑scale fraud‑prevention "Scaminars" (June 15). Preferred dividend declarations on June 11 also supported income investors. Today’s wealth study continues this pattern of brand, client‑service and advisory‑oriented news flow rather than balance‑sheet events.

Regulatory & Risk Context

Active S-3 Shelf · Short Interest: 1.64%

Shelf Active

Short Interest

1.64% of shares outstanding

as of 2026-05-29 Days to cover: 2.68

Active S-3 Shelf Registration 2025-10-01

An effective S-3 shelf filed on 2025-10-01 allows Bank of America and BofA Finance LLC to issue various securities, including debt, warrants, preferred stock, depositary shares and common stock. Recent 424B2 filings show ongoing usage of this program for structured note offerings.

Market Pulse Summary

This announcement highlights Bank of America’s focus on complex wealth planning for clients with at ...

Analysis

This announcement highlights Bank of America’s focus on complex wealth planning for clients with at least $3 million in investable assets, emphasizing longevity, business succession, private markets and alternative investments. It reinforces the Private Bank’s role in integrating investing, credit, trust and estate services. Investors may track how these preferences—such as 77% of UHNW clients favoring private markets and rising crypto adoption—shape product mix, fee streams and technology investment over time.

Key Terms

trust, advance directive, durable power of attorney, prenuptial agreement, +3 more

7 terms

trust financial

"55% of respondents have a trust, and 51% without a trust are likely to establish one"

A trust is a legal setup in which one party (the trustee) holds and manages assets—like cash, stocks or property—on behalf of other people (beneficiaries) according to instructions from the person who created it (the grantor). Think of it as a locked box with a keyholder who must follow written rules; for investors it matters because trusts influence who controls and benefits from assets, affect taxes and succession, and can change how quickly or transparently shares are bought, sold or voted.

advance directive regulatory

"only 46% have the three essential documents (a will, living will or advance directive, and durable power of attorney)"

A legal document that records a person’s wishes about medical care and appoints someone to make health decisions if they cannot speak for themselves; think of it as an instruction manual and a trusted contact list for serious health situations. Investors pay attention because advance directives can affect leadership continuity, timing of management decisions, and potential corporate liability or benefit costs when an executive or key person becomes incapacitated, so they help firms plan for predictable governance and succession.

durable power of attorney regulatory

"a will, living will or advance directive, and durable power of attorney"

A durable power of attorney is a legal document that gives a named person the authority to manage someone else’s financial and legal affairs even if that person becomes mentally or physically unable to make decisions. For investors, it matters because the designee can access brokerage accounts, buy or sell securities, sign contracts and pay bills on behalf of the account owner, acting like a backup driver or remote control for someone’s financial life when they can’t act themselves.

prenuptial agreement financial

"32% of Gen Z and Millennials have a prenuptial agreement"

A prenuptial agreement is a legal contract signed by two people before marriage that spells out how money, property and business interests will be divided if the marriage ends or one partner dies. For investors, it matters because such agreements can change who controls or inherits shares, limit legal exposure for a company when an executive’s personal finances are disputed, and reduce the risk of unexpected ownership or governance changes — like a user manual that clarifies what happens to assets under different scenarios.

succession planning financial

"78% of wealthy business owners say succession planning is important"

A company’s plan for identifying and preparing people to take over key roles when leaders leave, retire, or are unable to work. Like a sports team’s bench and playbook, it ensures someone ready can step in quickly so operations, strategy and investor confidence aren’t disrupted; investors watch it because solid succession planning reduces the risk of sudden leadership gaps that can hurt performance and stock value.

alternative investments financial

"as they embrace alternative investments and emerging technologies"

Alternative investments are assets outside traditional stocks, bonds and cash, such as real estate, private equity, hedge funds, commodities, collectibles, and venture capital. They matter to investors because they can provide different sources of return and risk, like adding a new flavor to a meal, helping diversify a portfolio, potentially smoothing volatility or boosting long-term returns when conventional markets struggle.

private equity financial

"UHNW investors cite real estate as the top opportunity ... followed by private equity"

Private equity involves investing money directly into private companies or buying out public companies to make them private, with the goal of improving their performance and increasing their value over time. For investors, it offers an opportunity to earn returns by helping companies grow or restructure, often requiring a longer-term commitment and a higher level of involvement than typical stock investments.

AI-generated analysis. Not financial advice.

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Longer lives, more businesses being passed down, and an interest in alternative investments are reshaping how wealthy individuals plan and invest

Key takeaways:

• Longer lifespans are changing how people plan for their finances with more than 90% saying it is a key factor.
• Twice as many business owners report inheriting their businesses versus two years ago.
• 77% of ultra‑high‑net‑worth (more than $25 million) respondents saying greater investment opportunity exists in private markets than public ones.

NEW YORK, June 17, 2026 /PRNewswire/ -- The 2026 Bank of America Private Bank Study of Wealthy Americans, surveying individuals with $3 million or more in investable assets, finds that longer lifespans, accelerating family business transitions and shifting investment preferences are reshaping financial priorities. More than 90% cite longevity as a critical planning consideration, while nearly one quarter of business owners report inheriting their companies, highlighting the speed at which multigenerational complexity is emerging.

"The Great Wealth Transfer is not simply a transfer of assets, it represents a meaningful shift in how clients define and engage with their wealth," said Katy Knox, President of Bank of America Private Bank. "As financial lives become increasingly complex, clients are looking for thoughtful, personalized strategies that bring together investing, credit, banking, and legacy planning in a more integrated and purposeful way."

Watch a video of Shim Sameer, Head of Products, Solutions and Platforms, Bank of America Private Bank, discuss the study findings.

Longevity moves to the center of financial planning
Longer lives are raising expectations for lasting wealth, but planning has yet to fully catch up.

• 92% say longevity is an important factor in financial planning, and 94% are already taking steps to optimize their health and increase longevity.
• 61% are now discussing longevity with their advisors.
• Yet long-term planning remains uneven: only 46% have the three essential documents (a will, living will or advance directive, and durable power of attorney).
• 55% of respondents have a trust, and 51% without a trust are likely to establish one, yet only 33% say they understand trusts quite well.
• Among younger married investors, planning is starting earlier: 32% of Gen Z and Millennials have a prenuptial agreement (with another 15% planning to), compared with 15% of Gen X and 4% of Boomers and Silents.

Transfer of family businesses accelerates and family involvement rises
Business ownership plays an increasingly central role in wealth transfer despite gaps in formal succession planning.

• Wealth transfer is underway as 23% wealthy business owner respondents report inheriting their business, compared to 11% in 2024 and 5% in 2022.
• Family involvement in business decisions rose to 27%, up from 7% in 2024, alongside increased participation in governance and future planning. Only 24% report no family involvement, down from 49% in 2024.
• 78% of wealthy business owners say succession planning is important to their wealth strategy, yet only 20% have a fully documented succession plan.
• Family conversations (25%) rank among the biggest estate planning challenges for family business owners.

UHNW investors prioritize private markets and strategic credit
Ultra‑high‑net‑worth (UHNW) investors with over $25 million in investable assets are increasingly focused on private markets, strategic use of credit, and intentional planning to preserve wealth across generations.

• 77% of UHNW respondents believe more money can be made in the private markets than in the public markets.
• UHNW investors cite real estate as the top opportunity for investment growth, up notably from 2024, followed by private equity.
• More than half of respondents with over $25 million use credit strategically or occasionally, compared to 16% of respondents with $3M–$10M.  
• UHNW respondents use credit to pursue opportunities (37% vs. 22% for $3M–$10M), support business operations (36% vs. 12%), bridge timing gaps between liquidity events (34% vs. 20%), and facilitate wealth transfer (22% vs. 9%).  
• 61% of UHNW respondents express concern about their children's motivation and are taking actions such as supporting business ventures (51%), incorporating provisions into trusts (41%) and not disclosing the full amount of family wealth to them (36%).

Younger investors are redefining diversification
Younger investors (Gen Z and Millennials, ages 21 to 45) are reshaping how wealth is built and diversified, as they embrace alternative investments and emerging technologies.

• 67% of younger investors believe traditional stocks and bonds can no longer deliver above-average returns.
• Younger investors allocate nearly half as much to stocks as older generations, while allocating more to alternatives (15%) and crypto (13%) than older investors.
• Crypto ranks as the #1 "wealth‑creation opportunity" for young wealthy: 29% rank it #1; 58% currently own crypto (up from 49% in 2024) and 92% either own or are interested.  
• 88% of younger investors say they're likely to allocate more to alternatives in the next few years, compared with just 15% of Boomers and Silents.
• 47% of young investors use AI to research companies or markets, and 87% are comfortable with advisors using AI to help manage portfolios, yet 65% still prefer to receive investment advice from a human advisor.
• 42% of younger respondents own art; among those who do not, 75% are interested in own art and 94% own collectables.

Read more about the 2026 Bank of America Private Bank Study of Wealthy Americans.

Frequently asked questions

Question: How does Bank of America Private Bank help clients navigate today's more complex wealth landscape?
Answer: Bank of America Private Bank delivers integrated wealth management built for complexity by bringing together solutions spanning wealth strategy, trust and estate planning, investment management, banking, specialty lending, and philanthropy. Advisors, support by award-winning digital platforms, work across disciplines, to help clients manage growth, liquidity, longevity, and legacy as their priorities evolve.

Question: How does Bank of America Private Bank support long‑term planning across generations?
Answer: Bank of America Private Bank helps families plan for longevity and wealth transfer through trust and estate planning, business succession strategies, and family education. Advisors facilitate conversations across generations to align financial plans with family values, helping clients preserve wealth, prepare heirs, and plan for extended lifespans.

Question: How is Bank of America Private Bank supporting investors as interest in alternatives grows?
Answer: The Private Bank offers access to a broad range of alternative investment strategies, including private equity, real estate, and select opportunistic investments, alongside traditional portfolios. Advisors help clients evaluate where alternatives fit within an individual client's overall asset allocation, balancing risk tolerance, liquidity needs, and long‑term objectives.

Question: How does Bank of America Private Bank help clients use credit strategically as part of their wealth plan?
Answer: Advisors work with clients to use credit strategically, whether to manage liquidity, finance major lifestyle purchases, support business opportunities, or preserve investment positions, while aligning borrowing decisions with long‑term wealth goals.

Question: What role does technology and artificial intelligence play at Bank of America Private Bank?
Answer: Bank of America Private Bank uses AI to support advisor capacity, deepen client relationships, and help teams find information faster and more efficiently. In 2025, 93% of Private Bank clients were digitally active, reflecting strong adoption of our digital banking tools.

2026 Bank of America Private Bank Study of Wealthy Americans Methodology
Escalent, an independent market research company, conducted an online survey on behalf of Bank of America Private Bank among 1,431 wealthy individuals in the United States. Respondents were ages 21 or older with at least $3 million in investable assets, excluding primary residence. Participants were sourced from multiple panel providers targeting wealthy individuals. The survey was fielded from January 8, 2026, to February 5, 2026. Data were weighted to reflect the U.S. high‑net‑worth population by age, investable assets, region, and gender, and respondents are not necessarily clients of Bank of America or its wealth and investment management businesses.

Bank of America
Bank of America is one of the world's leading 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 nearly 70 million clients with approximately 3,500 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. As the #1 small business lender in the United States (FDIC), Bank of America offers industry leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

Reporters may contact

Julia Ehrenfeld, Bank of America
Phone: 1.646.855.3267
julia.ehrenfeld@bofa.com

Carolyn Batt, Bank of America
Phone: 1.646.983.1369
carolyn.batt@bofa.com

MAP # 8971085

Important disclosures
Bank of America Corporation ("Bank of America") is a financial holding company that, through its subsidiaries and affiliated companies, provides banking and non-banking financial services.

Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation ("BofA Corp.").

Bank of America, N.A., and U.S. Trust Company of Delaware (collectively the "Bank") do not serve in a fiduciary capacity with respect to all products or services. Fiduciary standards or fiduciary duties do not apply, for example, when the Bank is offering or providing credit solutions, banking, custody or brokerage products/services or referrals to other affiliates of the Bank.

Banking products are provided by Bank of America, N.A., and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.

Investing involves risk including possible loss of principal. Past performance is no guarantee of future results.

Credit and collateral subject to approval. Terms and conditions apply. Programs, rates, terms and conditions subject to change without notice.

Bank of America and its affiliates do not provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

Investment products:

Are Not FDIC Insured

Are Not Bank Guaranteed

May Lose Value

©2026 Bank of America Corporation.

 

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SOURCE Bank of America Corporation

FAQ

What is the 2026 Bank of America Private Bank Study of Wealthy Americans (BAC)?

The 2026 study is an online survey of 1,431 U.S. individuals with $3 million+ in investable assets. According to Bank of America, it explores how longevity, business succession, private markets and alternatives are changing wealth planning and investment behavior across generations.

How is longevity changing financial planning in Bank of America’s 2026 BAC wealth study?

Longevity is now central to planning, with 92% calling it important and 94% taking steps to improve health. According to Bank of America, only 46% hold key documents like wills and powers of attorney, revealing gaps between awareness and formal long-term preparation.

What does the 2026 BAC wealth study say about family business succession?

Wealth transfer through businesses is accelerating, with 23% of owners reporting they inherited their business versus 11% in 2024. According to Bank of America, 78% say succession planning matters, yet only 20% have a fully documented plan, highlighting execution gaps and rising family involvement.

How are ultra-high-net-worth investors investing, according to Bank of America’s 2026 BAC study?

Ultra-high-net-worth investors favor private markets, with 77% believing they offer greater opportunity than public markets. According to Bank of America, they emphasize real estate, private equity and strategic credit use for opportunities, business support, liquidity bridging and facilitating multigenerational wealth transfer.

How are younger wealthy investors changing diversification trends in the 2026 BAC study?

Younger investors allocate less to traditional stocks and more to alternatives and crypto, with 67% doubting stocks and bonds can deliver above-average returns. According to Bank of America, 58% own crypto and 88% expect to increase allocations to alternatives, while widely using AI research tools.

What does Bank of America report about technology and AI use among wealthy clients?

Technology adoption is high, with 93% of Private Bank clients digitally active in 2025. According to Bank of America, AI supports advisor productivity and information access, while 47% of younger investors use AI for research and most are comfortable with advisors using AI in portfolios.