Bank of America Merrill Lynch thinks there’s a better way to start a conversation with clients approaching retirement than asking about their money. It’s more productive to ask about their lives.
On Wednesday, the firm rolled out Merrill Lynch Clear, a program that uses technology to facilitate broader advisor-client conversations.
This exploration is intended to lead to goal setting, the creation of an investment strategy to help pursue those goals and making course corrections as needed.
MLClear includes a series of iPad “discovery apps” that focus on exploration of life priorities, and ones that allow individuals to do their own research about Social Security, health care, lifetime income and knowing their investment personality.
The apps use illustrations, educational resources and interactive exercises to better understand and allocate resources based on personal goals and circumstances.
MLClear is designed, the firm said, to modernize the process of preparing for retirement through an exploration of seven distinct life priorities that connect the financial aspects of life in retirement — health, home, family, finance, giving, work and leisure.
Introducing MLClear, Merrill’s head of retirement and personal wealth solutions David Tyrie said development of the program was driven by several factors.