If you "promote" your bullet points, they'll disappear. You can do this by
placing your cursor between the text and the bullet point in question (at
the beginning of the text, in other words) and using SHIFT+Tab to move them
to the left. Or you can use the "decrease indent" icon on your formatting
toolbar to move them.
Then use line spacing and font size to change the font size of the text if
necessary. If you need to move the text over to the right, you can do this
by moving the hanging indent carats on the ruler. (Hold down your CTRL
button while you do this so you have more control over them.) I find that
many of my clients hit TAB to decrease the size of the text in placeholders.
They don't realize that what they're really doing is "demoting" the text to
the next lowest level in the outline.