Bank of America today announced the launch of Financial Life Benefits, 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), health care savings, equity compensation, and non-qualified deferred compensation plans – 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:
- A broad range of solutions and guidance – Many employees are stressed about their financial situations and are turning to their employers for help. Recognizing this need, Bank of America’s corporate employee banking capabilities provide discounts on mortgages and checking and savings accounts. 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.”
