Banks Eat From Hands of the Filthy Rich

It is unclear whether BofA has lost or gained wealthy clients from the transition. Recent quarterly results from its wealth-management division reflect the acquisitions of U.S. Trust and LaSalle and the sale of Marisco, which all occurred within the last year. Still, BofA spokesman John Yiannacopoulos called U.S. Trust a "growth driver," noting that its first-quarter income grew 31% from the year-ago period.

Each level of wealth wants a different set of services. Those with hundreds of thousands are still building their fortunes -- they want to be millionaires. Millionaires are still accumulating wealth, but have more complicated finances, with illiquid assets and qualified investments. They are also starting to consider future generations. The mega-wealthy -- with hundreds of millions or billions -- want a full-service approach with an entire office of advisors. Finances span several family branches and generations.

Scaturro reportedly left his role at U.S. Trust due to clashes with Bank of America managers over how to run the business. One "key point of contention" was whether to offer the same products to all customers, regardless of income bracket, the Wall Street Journal reported last July.

Yiannacopoulos says the bank offers personalized service for each individual client. In-house experts offer trust and estate planning, alternative investments, philanthropy assistance and management of specialty assets like farm and ranch land, oil and gas property and commercial real estate.

"At all times, but particularly during times of heightened market volatility and uncertainty, we believe that a customized, comprehensive and up-to-date approach to asset allocation makes excellent sense for most investors," Yiannacopoulos wrote in an email. "A well-conceived asset allocation is attuned and responsive to the specific needs and objectives of each client."