Katy Knox began her career in 1986 at Fleet Bank in Boston. Unsurprisingly, she is a proud Patriots, Red Sox, Celtics and Bruins fan.
With more than 35 years of experience in financial services, including commercial banking, corporate strategy, global treasury management and consumer banking, Knox has watched the industry change.
"There are major shifts forcing the industry to evolve, including wealth transfer between generations, growing financial power of diverse client segments, technology and the surge in digital propelled by the pandemic, and the increasing complexity of managing family wealth in the U.S. and around the world," Knox said.
She sees these changes as "tremendous opportunities to reach current and future clients in new and exciting ways."
Knox said that the private bank, a division of approximately 4,000 professionals, is looking to add talent to its 40 U.S. markets, especially in markets where they see strong opportunities for growth such as the Northeast, Southwest, Southeast and West Coast.
"We're attracting and growing the next generation of client-facing professionals through an intense focus on talent development and ensuring our advisors reflect the diverse markets we serve," she said.
The private bank will also expand to five new markets during the next year, which will allow it to have a local presence with 95% of affluent individuals across the U.S., according to Knox.
In 2021, the private bank experienced strong growth with a reported $3.2 billion of assets, a 12% year-over-year increase, and brought in nearly 3,000 new relationships. It has carried that momentum through the first half of 2022 by securing 1,900 more.
Knox is focused on modernizing and enhancing everything, from digital platforms to the overall client experience. She has driven the private bank's digital transformation in a variety of ways including updating the advisor client engagement workstations and launching an internal version of "Erica," a search assistant that provides client teams with quick answers to common questions.
The private bank is also committed to deepening relationships with existing clients, who account for 80% of its growth. Knox said that her team is increasingly discussing with clients the impact of inflation and rising rates on their portfolios.
"This has provided an opportunity to increase or introduce allocations to alternative investments, such as private equity, hedge funds and real assets. We have also observed an uptick in wealth and estate planning conversations. It started during the onset of the pandemic and has remained at elevated levels as prospects and clients take note of our leading expertise in these areas."
Knox said that all investors should define a portfolio rebalancing strategy "to eliminate the guesswork and emotion of what to do during times of volatility."
In addition to her role as president, Knox is a member of Bank of America's executive management team and, as of this year, leads wealth management banking and lending, which plays a role in driving banking and loan growth as well as delivering integrated investment and banking solutions to improve the client experience.
Outside of work, she is on the board of trustees at Carnegie Hall and the JFK Library Foundation.
Knox is a strong advocate for mentorship. She believes that all employees should seek out mentors and that those who are five to 10 years into their careers should become mentors to those just starting out.
Last year, the private bank launched the Women's Empowerment Network to promote the success and well-being of women and foster a sense of belonging in the wealth management industry. Currently, more than 700 women have joined the network.
Knox also participates in Bank of America's Global Ambassador Program, which provides mentorship to women leaders worldwide. In addition, she supported the 2021 Imbeleko Foundation partnership, which connected private bank leaders, analysts and interns with South African students for mentorship.
"Financial services is an excellent field for women," she said. "I'm proud to work for an organization that has such a dedicated focus on investing in women. This includes being a great place to work for women, a focus on making the financial lives of women better and on advancing the economic empowerment of women around the world."
