BofA private clients include institutional investors, but these are primarily smaller or mid-sized institutions like family offices, endowments, foundations, and non-profits managed under GWIM’s wealth management services. The private client flows in the chart you provided reflect a mix of individual HNWIs, family offices, and these smaller institutions, with the majority likely driven by individual and family office activity rather than large institutional investors, which are handled by BofA’s separate institutional banking division. - from Grok 3