BofA Rolls Out Digital Retirement Program with Merrill Option

June 24, 2021

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 percent 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 well 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.”  


From: ThinkAdvisor