Bank of America Just Passed a Major Milestone

When Bank of America (NYSE: BAC) reported its third-quarter earnings at the beginning of October, buried deep within the bank's earnings release was evidence of a major milestone: During the quarter, Bank of America's assets under management eclipsed $1 trillion.

Assets under management may not be a term you're familiar with, but it's a key part of many banks' business models. The term refers to assets that a bank or other type of financial services company oversees for other people as opposed to itself. The company administers the assets, in other words, but the clients own them.

Wealth management is a major source of revenue for Bank of America. Image source: Getty Images.

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Source: Fool.com