Five Questions With: Paul Anghinetti

Paul Anghinetti was recently named market executive for Bank of America Private Bank, a subsidiary of Bank of America Corp., in Rhode Island and southeastern Massachusetts.

Anghinetti has worked in banking for more than three decades, including at Bank of America since 2004 and in leadership positions in both business and consumer banking. He has a bachelor’s degree in finance from Bentley College and a master’s in business administration from Providence College.

PBN: Tell us about your role and its responsibilities.

ANGHINETTI: I lead a team of professionals responsible for serving the complex financial needs of wealthy individuals and their families, helping to manage and preserve wealth across generations. Our team approach starts with establishing a deep understanding of our clients, their objectives and their values to create customized strategies that align with what’s most important to them.

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PBN: Have lockdowns and social distancing caused people to cut back on their philanthropy over the last year of the pandemic?

ANGHINETTI: No, in fact quite the opposite. As we have seen in the past, during times of crisis, Americans respond quickly and generously to assist others. The last 18 months reaffirmed that, as the pandemic confronted the country, and the world, with complex challenges and urgent needs.

According to the preliminary findings of the 2021 Bank of America Study of Philanthropy, 90% of affluent Americans gave to charity, including nearly half who donated to charitable organizations or financially supported individuals or businesses in direct response to the pandemic. And despite the constraints of social distancing, 1 in 3 affluent Americans volunteered in 2020. The pandemic did change how donors interacted with the organizations they support, with nonprofits shifting programming and events into virtual formats. But overall, donors and charitable organizations rose to the extraordinary challenges presented by COVID-19.

PBN: What are some of the top priorities of wealthy Americans as they think about their financial planning?

ANGHINETTI: Each client’s financial plan is unique to their priorities and goals, which is why we take a personalized and customized approach to serving our clients. For example, many business owners today are focused on succession planning, particularly as they near retirement and recognize we are in an active merger and acquisition environment. Many art collector clients are taking advantage of low interest rates with art loans to unlock capital from their collection to invest in businesses and real estate.

Another topic being discussed by families is impact investing, with clients increasingly addressing economic, environmental, social, racial and public health issues, which have been further exacerbated by the pandemic.

Ultimately, clients are interested in our guidance and expertise to help grow, manage, protect and plan generational wealth.

PBN: What is the biggest change you’ve observed in your banking career over the last three decades?

ANGHINETTI: The biggest change I’ve observed is a marked increase in the accumulation of significant personal wealth and the importance of a comprehensive, thoughtful plan in the transfer of that wealth to the next generation. Wealth transfer is top of mind for our clients and teams, who focus on intergenerational wealth planning, trust services, estate planning and philanthropic structuring.

We focus on a very personal and tailored approach, such as getting to know the children and extended family members who will be our clients’ beneficiaries. An important part of this approach is also helping the next generation understand how to manage these assets and be good stewards of this wealth.

PBN: How has the digital revolution transformed the wealth management industry?

ANGHINETTI: Private banking is a relationship business built on trust, confidence and personal connections. The importance of face-to-face interactions between clients and their advisers will always be essential. This past year definitely highlighted the power of our digital platform to further drive ease, convenience, efficiency and functionality.

In 2020, we saw record digital engagement from clients of all ages, which has continued into this year. Today, 81% of Private Bank clients are actively using the company’s online or mobile platforms. Throughout the pandemic, our teams hosted an average of 1,800 virtual client meetings per day. Digital tools enable advisers to be more present in their clients’ lives, deliver best-in-class client and adviser interactions and drive responsible growth.

Nancy Lavin is a PBN staff writer. Contact her at Lavin@PBN.com.