Bank of America has launched Financial Life Benefits, a suit of workplace benefits and solutions designed to meet the financial needs of its corporate clients’ employees.
Through its Financial Life Benefits package, Bank of America brings together the traditional US financial benefits. These include the 401(k) retirement account, health care savings, equity compensation, and non-qualified deferred compensation plans.
The package also includes a corporate employee banking and investing offering. “This can help address employees’ everyday needs through spending and savings solutions from Bank of America and investing solutions powered by Merrill,” the bank said.
“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, now available to large and mid-sized companies, designed to provide employees with number of benefits and solutions.
“A broad range of solutions and guidance”
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. The instruction is “informed by research,” the bank said, and comes with personalised wealth management delivered by designated advisors.
“A high-tech, high-touch experience”
The programme also provides In-person guidance to help employees maximize their benefits.
This takes place via onsite group workshops; one-on-one consultations; local financial centres where they can meet with Merrill advisors, as well as Bank of America lending and small business banking specialists; and award-winning call centres.
A significant technology investment is being made, the bank said, to help employees more easily and conveniently navigate their financial lives. This is done through reimagined digital capabilities and a single interface.
The bank’s artificial intelligence-driven platform “helps deliver personalised 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” the bank said.
These specialists will continue to partner with local Merrill financial advisor teams. They will closely align with the company’s commercial banking relationship managers, “to best serve employers and their employees.”
A network of financial advisors and specialists
Aron Levine, head of Consumer Banking and Investing, commented:
“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 centres across the country, our Preferred Rewards program, and award-winning digital banking and investing capabilities.”
Today, 40 percent of large and mid-size companies in the U.S. have a corporate banking relationship with Bank of America. These include 95% of the U.S. Fortune 1,000, in addition to 3 million small business owners, the bank said.
“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.”