Bank of America Introduces Financial Life Benefits, Delivering the Industry’s Most Comprehensive Set of Solutions & Guidanc...
February 12 2020 - 9:00AM
Business Wire
Bank of America today announced the launch of Financial Life
BenefitsTM, a suite of workplace benefits and solutions designed to
help meet the near- and long-term financial needs of our corporate
clients’ employees. Through this offering, Bank of America brings
together traditional financial benefits – including 401(k)1, health
care savings2, equity compensation1, and non-qualified deferred
compensation plans1 – with a corporate employee banking and
investing offering that can help address employees’ everyday needs
through spending and savings solutions from Bank of America and
investing solutions powered by Merrill.
“Too often, day-to-day financial challenges hinder long-term
financial success,” said Lorna Sabbia, head of Retirement and
Personal Wealth Solutions at Bank of America. “Financial Life
Benefits is a powerful solution for employers to help their
employees plan, save and take control of their future. With this
new solution, retirement and health care savings can be addressed
alongside short-term financial needs, guided by financial education
and professional guidance.”
The solution is now available to large and mid-sized companies,
and is designed to provide employees with:
- A broad range of solutions and guidance – Many employees
are stressed about their financial situations and are turning to
their employers for help2. Recognizing this need, Bank of America’s
corporate employee banking capabilities provide discounts on
mortgages and checking and savings accounts3. Financial Life
Benefits also includes financial education for every stage of an
employee’s life, informed by research, along with personalized
wealth management delivered by designated advisors.
- A high-tech, high-touch experience – In-person guidance
is available to help employees maximize their benefits via onsite
group workshops; one-on-one consultations; local financial centers
where they can meet with Merrill advisors, as well as Bank of
America lending and small business banking specialists; and
award-winning call centers. A significant technology investment is
being made to help employees more easily and conveniently navigate
their financial lives through reimagined digital capabilities and a
single interface. Our artificial intelligence-driven platform helps
deliver personalized content and relevant guidance.
- An expanding network of client-facing professionals and
specialists – To bring our full range of financial benefits and
solutions to new and existing clients, the role and number of the
company’s Employee Benefit Specialists will expand. These
specialists will continue to partner with local Merrill financial
advisor teams, and will closely align with the company’s commercial
banking relationship managers, to best serve employers and their
employees.
According to Aron Levine, head of Consumer Banking and
Investing, “This broad range of solutions provides employees a more
complete set of tools and resources to manage their finances and
pursue their goals. We are positioned to deliver this offering
through the unmatched convenience of more than 25,000 financial
advisors and specialists, 4,300 financial centers across the
country, our Preferred Rewards program, and award-winning digital
banking and investing capabilities4.”
Today, 40 percent of large and mid-size companies in the U.S.
have a corporate banking relationship with Bank of America,
including 95 percent of the U.S. Fortune 1,000, in addition to 3
million small business owners.
“Given the competitive environment for skilled employees,
offering a compelling benefits program gives companies an edge to
attract and retain talent and help grow their businesses,” said
Alastair Borthwick, head of Global Commercial Banking. “Our
corporate and commercial clients also appreciate the convenience of
working with a single provider who understands the unique needs of
their company and their employees. Financial Life Benefits provides
this integrated solution and support, and helps make doing business
easier.”
Learn more at www.benefitplans.baml.com.
1 Investment products are available from Merrill Lynch, Pierce,
Fenner & Smith Incorporated. 2 Bank products are available from
Bank of America, N.A., and affiliated banks. 3 2017 Bank of America
Merrill Lynch Workplace Benefits Report. 4 Banking and mortgage
products are offered by Bank of America, N.A., and affiliated
banks, Members FDIC and wholly owned subsidiaries of BofA Corp.
Equal Housing Lender. Credit and collateral are subject to
approval. Terms and conditions apply. This is not a commitment to
lend. Programs, rates, terms and conditions are subject to change
without notice. 5 Euromoney, July 2019, Best Digital Bank in North
America; StockBrokers.com, Jan. 2020, No. 1 for Overall Client
Experience.
Bank of America Bank of America is one of the world’s leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range
of banking, investing, asset management and other financial and
risk management products and services. The company provides
unmatched convenience in the United States, serving approximately
66 million consumer and small business clients with approximately
4,300 retail financial centers, including approximately 2,800
lending centers, 2,600 financial centers with a Consumer Investment
Financial Solutions Advisor and 2,000 business centers;
approximately 16,800 ATMs; and award-winning digital banking with
approximately 38 million active users, including approximately 29
million mobile users. Bank of America is a global leader in wealth
management, corporate and investment banking and trading across a
broad range of asset classes, serving corporations, governments,
institutions and individuals around the world. Bank of America
offers industry-leading support to approximately 3 million small
business owners through a suite of innovative, easy-to-use online
products and services. The company serves clients through
operations across the United States, its territories and
approximately 35 countries. Bank of America Corporation stock
(NYSE: BAC) is listed on the New York Stock Exchange.
Bank of America is a marketing name for the Retirement Services
business of Bank of America Corporation ("BofA Corp."). Banking
activities may be performed by wholly owned banking affiliates of
BofA Corp., including Bank of America, N.A., Member FDIC. Brokerage
and investment advisory services are provided by wholly owned
non-bank affiliates of BofA Corp., including Merrill Lynch, Pierce,
Fenner & Smith Incorporated (also referred to as “MLPF&S”
or “Merrill”), a dually registered broker-dealer and investment
adviser and Member SIPC.
Financial Life Benefits and Bank of America Financial Life
Benefits are trademarks of Bank of America Corporation.
Are Not FDIC Insured
Are Not Bank Guaranteed
May Lose Value
© 2020 Bank of America Corporation. All rights reserved.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America newsroom
and register for news email alerts.
www.bankofamerica.com
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Reporters May Contact: Julia Ehrenfeld, Bank of America,
1.646.855.3267 julia.ehrenfeld@bofa.com
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