Close
ThinkAdvisor

Industry Spotlight > Wirehouse Firms

BofA Rolls Out Digital Retirement Program With Merrill Option

X
Your article was successfully shared with the contacts you provided.

What You Need to Know

  • Clients of BofA’s Personal Retirement Strategy can make their own 401(k) investments or pay to have their portfolio managed by Merrill.
  • The bank's Retirement & Personal Wealth Solutions group was working with about 26,000 companies with close to 6 million employees as of Dec. 31.

Bank of America has launched a program for retirement plans that includes a digital Merrill-branded investment management service.

Participants in BofA’s new Personal Retirement Strategy can opt to make their own 401(k) investments or, for a fee, can have their portfolio managed by Merrill. The advisory fee charged for assets enrolled in the Merrill Managed service has a  yearly maximum of 0.25% of assets.

With the new program, the bank is “connecting employees to the personalized retirement income planning resources they need to take charge of their financial future,” said Tom Matarazzo, Institutional Retirement Advisory Programs executive at Bank of America, in a statement. “This new program makes retirement planning clearer and more approachable for plan participants.” 

Bank of America’s Retirement & Personal Wealth Solutions group was working with about 26,000 companies with close to 6 million employees as of Dec. 31, 2020.

In addition to the Merrill investment service, Personal Retirement Strategy includes digital tools on retirement planning, goals-based planning guidance and asset-allocation recommendations, as we all as insights on how participants can stay on track for their retirement plans. 

BofA says it is “committed to working with our institutional clients to provide financial wellness and benefits offerings that address the evolving needs and expectations of their workforce,” according to Lorna Sabbia, head of Retirement and Personal Wealth Solutions. “Personal Retirement Strategy is another example of how we are fulfilling our commitment of partnering with employers to help employees achieve their financial goals.”  

(Photo: AP)