BofA turns attention to employees of corporate clients
by Ben Poole
Bank of America has 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 its US corporate clients’ employees. Through this offering, the bank says it is bringing 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. 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 personalised wealth management delivered by designated advisors.
- A high-tech, high-touch experience. In-person guidance is available to help employees maximise their benefits 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 call centres. A technology investment is being made to help employees more easily and conveniently navigate their financial lives through reimagined digital capabilities and a single interface. The bank’s artificial intelligence-driven platform is designed to help deliver personalised content and relevant guidance.
- An expanding network of client-facing professionals and specialists. To bring the bank’s 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.
Today, 40% of large and mid-size companies in the US have a corporate banking relationship with Bank of America, including 95% of the US 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, Bank of America’s 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.”
Like this item? Get our Weekly Update newsletter. Subscribe today