Global Wealth and Investment Management

10/28/19 8:00 am EDT

Bank of America today announced that it has added 40 new model portfolios to its investment platform, providing clients and advisors greater choice and flexibility when developing personalized portfolios aligned to each client’s unique goals. Available exclusively to Merrill Lynch Wealth Management clients, the new model portfolios have been created and are managed by BlackRock, JP Morgan, Franklin Templeton and Natixis Investment Managers.

Since launching model portfolios under its Chief Investment Office (CIO) in 2017, the company has expanded its suite of offerings with CIO more...

10/17/19 9:00 am EDT

Bank of America and Babson College today announced the findings of a new study of women entrepreneurs and how they overcome challenges to business growth beyond venture funding. The study, part of a larger research collaboration between Babson’s Center for Women’s Entrepreneurial Leadership (CWEL) and Bank of America Private Bank, found that women who have built successful companies had to navigate significant gender-based obstacles and, in doing so, created alternate paths to success for themselves and similarly unstoppable female entrepreneurs.

Findings from the study will be more...

9/19/19 9:00 am EDT

Bank of America today announced findings from its annual 2019 Workplace Benefits Report, which reveals that more than twice as many companies are offering workplace financial wellness programs to employees today compared to four years ago (53 percent today versus 24 percent in 2015). However, awareness and understanding of critical health care savings and caregiving support benefits are lacking.

Now in its ninth edition, this report tracks the importance of benefit programs and uncovers an more...

7/31/19 9:00 am EDT

Bank of America today announced the findings of a new study conducted by Merrill Private Wealth Management, which found that 64 percent of wealth holders have never talked with family members about how or why they intend to pass on their assets. While 48 percent plan to communicate this information eventually, or assume family members already know, 10 percent vow never to divulge details of their estate plan primarily because they consider it personal and no one else’s business. But is that a good decision?

“This research is designed to help families make better decisions and more...

5/13/19 10:00 am EDT

Bank of America announced that it has opened its first full-service financial center in Salt Lake City, bringing banking, investing, lending and small business services to new and existing clients in the area. The Draper financial center serves as a destination to provide clients easy access to expert advice for all their financial needs.

The new financial center, located at 1222 E. Draper Parkway, is state-of-the-art and showcases the newest technology including advanced ATMs; private offices for one-on-one client assistance; on-site specialists, including Merrill financial more...

4/25/19 10:00 am EDT

Bank of America today announced the launch of a digital platform for health savings accounts (HSA) to make the tax-advantaged savings vehicle more accessible and easier to use. The new digital platform offers seamless integration between online and mobile channels, as well as:

  • A bar code scanner to validate qualified medical expenses via mobile devices.

  • Customized participant experience through more...

4/18/19 8:00 am EDT

A new study by Merrill conducted in partnership with Age Wave finds that financial independence defines adulthood today (75 percent) – more so than the traditional milestones of employment (61 percent), homeownership (30 percent) or starting a family (20 percent). However, due to mounting debt, higher costs of living and other hurdles, 80 percent of early adults (ages 18-34) say it is harder to become financially independent than it was for previous generations. Seventy percent of baby boomers, the parents of most of today’s early adults, agree. more...

2/25/19 11:34 am EST

Bank of America today shared additional updates to its brand positioning and logos that represent continued evolution of the brand that began in November 2018

The company, which reported record 2018 earnings and was named Euromoney’s 2018 World’s Best Bank and the only bank on the 2019 Fortune Best Large Companies to Work For, introduced the question “What would you like the power to do?” as the centerpiece of its repositioning in 2018. This reflects the more...

2/7/19 9:00 am EST

A new study by Merrill Lynch conducted in partnership with Age Wave finds nearly half of Americans ages 55 and older do not have a will, despite the widely held belief that people should have their end-of-life affairs in order before they turn 50. Furthermore, only 18 percent of people over the age of 55 have all three expert-recommended legacy plan essentials, which include:

2/5/19 5:45 pm EST

In memory of Terry Laughlin, vice chairman of Bank of America’s wealth management businesses, who passed away in October 2018, Bank of America announced $2.5 million in gifts to the University of Pittsburgh and St. Francis University:

  • A $2 million gift by the Bank of America Charitable Foundation to the University of Pittsburgh, establishing the Terrence Laughlin Chair in Finance. Laughlin earned his MBA from the University of Pittsburgh Joseph M. Katz Graduate School of Business. For more than 10 years, he was a member of the university’s board of trustees.

  • more...
10/26/18 8:19 am EDT

Bank of America today announced the death of Terrence P. Laughlin, vice chairman and head of Global Wealth and Investment Management. He was 63 years old.

“Terry was a builder and a problem solver, and one of the finest individuals I’ve had the privilege to know and work alongside,” said Chief Executive Officer Brian Moynihan. “His leadership on Global Wealth and Investment Management, helping to build a consolidated banking and wealth management business, is without a peer in our industry. Recently, he helped expand our company’s presence in Pittsburgh, his beloved city where he more...

10/24/18 9:00 am EDT

The 2018 U.S. Trust Study of High Net Worth Philanthropy, published today in partnership with the Indiana University Lilly Family School of Philanthropy, finds that wealthy Americans continue to be generous with more...

10/18/18 9:00 am EDT

Bank of America Merrill Lynch today announced innovations to its retirement client experience to help companies address the wide-ranging financial needs of their employees. The enhancements, which span multiple touch points including online, mobile and one-on-one support, are designed to help meet employees’ growing need for holistic and personalized guidance on their path to financial wellness.

Financial wellness programs deliver tangible benefits for employees and employers alike, which may result in more...

10/2/18 10:00 am EDT

Parents in the U.S. now spend $500 billion annually on their 18- to 34-year-old adult children – twice the amount they contribute each year to their retirement accounts ($250 billion)1, according to a new Merrill Lynch study conducted in partnership with Age Wave. The study also found that nearly two-thirds of parents report having sacrificed their own financial security for the sake of their children. Even with the financial challenges and sacrifices, over 90 percent of parents say that parenting is the most rewarding aspect of their lives.

more...
8/1/18 9:00 am EDT

Released today, a new study finds the vast majority of employers and employees1 agree that financial wellness programs offered in the workplace are effective. However, participation may be hindered by a disconnect between employers and employees on what matters most to support financial wellness. About one-third (31 percent) of employees participate in these programs, despite the fact that many report struggling financially. The 2018 Bank of America Merrill more...

6/26/18 9:00 am EDT

Business success typically is measured in financial terms, but more business owners lie awake at night worrying about people-related issues than about money, according to a new nationwide survey of business owners by U.S. Trust, Bank of America Private Wealth Management. The ability to attract top talent, the complexities of family member involvement in a business, and sense of personal responsibility for the livelihood of other people are more...

6/26/18 9:00 am EDT

Financial success ought to come with some measure of freedom – to take risks, pursue passions, give back and make a bigger impact. Yet life and wealth are complicated, and the 2018 U.S. Trust Insights on Wealth and Worth® survey finds that the top reason best intentions fall short is competing priorities. While increased wealth provides the opportunity to do more, it also means juggling increased obligations, expectations and demands. The study more...

4/19/18 9:00 am EDT

A new Merrill Lynch study conducted in partnership with Age Wave, “Women and Financial Wellness: Beyond the Bottom Line,” celebrates the progress made by women while examining the financial challenges women still face throughout their lives, and offers potential solutions. The more...

3/29/18 9:00 am EDT

Bank of America announced today that Merrill Edge® will open 600 new investment centers within its expanding coast-to-coast financial center footprint, bringing its total to 2,800 by 2020. The effort is part of Bank of America’s previously mentioned plan to invest heavily in both its physical and digital presence across the United States, entering new markets and redesigning more than a third of its existing financial centers. To meet growing client demand for investment services, Merrill Edge also expects to add 300 new Financial more...

2/27/18 9:00 am EST

A growing number of companies founded and led by women has fueled interest in how women approach entrepreneurism and what it means for a rising generation of female entrepreneurs. U.S. Trust, Bank of America Private Wealth Management, today published “ more...