Merrill Lynch Global Wealth Management unveiled October 26 a comprehensive retirement solution that its 15,000 advisors can use to help their clients convert their nest eggs into retirement income.
The first component of the new retirement solution is a service called My Retirement Income, which allows clients nearing or in retirement to automatically transfer funds from a consolidated Merrill Lynch cash management account into a Bank of America (BofA) deposit account on a periodic basis for simplified retirement income distribution and management.
Those funds transferred into a Bank of America deposit account can be easily accessed via more than 6,000 retail BofA banking offices and more than 18,000 ATMs. My Retirement Income allows for “the transfer of [wealth management clients'] funds from their investment account into their Bank of America checking account for spend down,” says Aimee DeCamillo, head of Personal Retirement Solutions for Merrill Lynch Global Wealth Management.