Bank of America (BAC) rolled out a new financial planning tool on Thursday for its 1.6 million mass-affluent Merrill Edge clients. The Merrill Edge Roadmap pairs clients with a Merrill Financial Solutions Advisor, who will deliver a financial action plans and meet with clients every six months.
“Mass affluent clients are focused on meeting their individual and family life goals, such as having a comfortable retirement or sending their children to college,” said Alok Prasad, head of Merrill Edge, in a statement. “Merrill Edge Roadmap looks at their financial goals and provides specific steps that they can act on by working with a Merrill Edge Financial Solutions advisor.”
About three-quarters (or 73%) of mass affluent Americans believe they have enough retirement assets to last throughout their lifetime, according to a recent Merrill Edge Report. Plus, 58% are using their personal savings to fund their children’s education.
With the launch of Roadmap, Bank of America-Merrill Edge executives hope that the group’s financial advisors can “help people balance and address their short-term and long-term financial needs and concerns.”