Bank of America Launches Personal Retirement Strategy, a New Digital Investment Advisory Program

June 23, 2021 at 9:00 AM Eastern

CHARLOTTE – Bank of America today announced the launch of Personal Retirement Strategy, a new digital investment advisory program. Institutional and corporate retirement plan clients can now offer this Merrill program designed to help plan participants establish and pursue their retirement income goals. The program delivers personalized insights, guidance and tools, as well as access to digital investment management services seamlessly integrated into the 401(k) experience. Personal Retirement Strategy is the latest addition to Financial Life Benefits®, a comprehensive suite of workplace benefits and solutions that helps address employees’ every day and long-term financial needs.

“More than ever before, employees are looking to their employers to provide benefits that help them navigate the complexity of planning for tomorrow,” said Lorna Sabbia, head of Retirement and Personal Wealth Solutions at Bank of America. “At Bank of America, we are committed to working with our institutional clients to provide financial wellness and benefits offerings that address the evolving needs and expectations of their workforce. Personal Retirement Strategy is another example of how we are fulfilling our commitment of partnering with employers to help employees achieve their financial goals.”

Personal Retirement Strategy provides all plan participants – regardless of age or income – with a retirement plan and personalized investment strategy through an intuitive digital experience with full mobile and online capabilities. Key features include:

  • Interactive Digital Experience: ability to determine how certain decisions could affect retirement with flexible tools and guidance that allow for customization of the user experience
  • Goals Based Planning: guidance in creating a retirement income strategy based on the employee’s holistic financial picture and a personalized, goals-based asset allocation recommendation
  • Actionable Insights: aids participants in understanding their available benefits, offers actionable steps they can take to prepare and help stay on track toward a financially secure retirement
  • Investment Management: a new discretionary managed account service, Merrill Managed, that offers personalized investment management for an additional fee, based on Merrill’s well-established wealth management planning solutions, and portfolio construction from the company’s Chief Investment Office

Merrill will act as a 3(21) fiduciary for participants using Personal Retirement Strategy, and a 3(38) fiduciary with respect to the plan assets enrolled in Merrill Managed. Participants can elect to invest their 401(k) assets themselves, or have a portfolio created and managed on their behalf in Merrill Managed.

“Today’s workforce is especially concerned about retirement, but employees often lack the guidance and tools that are essential to develop a plan. With Personal Retirement Strategy, we are 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. “This new program makes retirement planning clearer and more approachable for plan participants.”

Bank of America’s Retirement & Personal Wealth Solutions organization serves more than 26,000 companies of all sizes and more than 5.7 million employees as of December 31, 20201. Bank of America offers institutional client employees a range of financial benefit programs and solutions to help them pursue their financial future.

Financial Wellness at Bank of America

At Bank of America, we know that supporting the physical, financial and emotional wellbeing of our employees in their personal life also supports them in their work life — so they can be the best at work and at home. When it comes to financial wellness, we believe that the more informed people are about their money, the clearer their financial outlook can be. This applies not just to our clients, but to our employees, as well. This is why we offer robust financial offerings to our employees that focus on driving better behaviors across life priorities and the financial spectrum — budgeting, planning, saving, investing and more. Our competitive financial benefits – including 401(k) contribution matches, retirement advice2, health savings accounts3, educational resources and financial wellness tools – help employees address money issues in the here-and-now, prepare for retirement and help protect their family over the long term.

Bank of America

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 2,700 lending centers, 2,600 financial centers with a Consumer Investment Financial Solutions Advisor and approximately 2,400 business centers; approximately 17,000 ATMs; and award-winning digital banking with approximately 40 million active users, including approximately 31 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.


Personal Retirement Strategy is an online investment advisory program sponsored by Merrill Lynch, Pierce, Fenner & Smith Inc. (“MLPF&S” or “Merrill”) that uses a probabilistic approach to determine the likelihood that participants in the program will accumulate sufficient total assets to achieve their annual retirement income goal. The recommendations provided by Personal Retirement Strategy may include a higher level of investment risk than a participant may be personally comfortable with. Participants are strongly advised to consider their personal goals, overall risk tolerance, and retirement horizon before accepting any recommendations made by Personal Retirement Strategy. Participants should carefully review the explanation of the methodology used, including key assumptions and limitations, as well as a description of services and related fees which is provided in the Personal Retirement Strategy Brochure (ADV Part 2A).It can be obtained through Benefits Online or through the Retirement Benefits Contact Center. Merrill offers a broad range of brokerage, investment advisory and other services. There are important differences between brokerage and investment advisory services, including the type of advice and assistance provided, the fees charged, and the rights and obligations of the parties. It is important to understand the differences, particularly when determining which service or services to select.

IMPORTANT: The projections or other information shown in the Personal Retirement Strategy program regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary with each use and over time.

The Chief Investment Office (CIO) provides thought leadership on wealth management, investment strategy and global markets; portfolio management solutions; due diligence; and solutions oversight and data analytics. CIO viewpoints are developed for Bank of America Private Bank, a division of Bank of America, N.A., (“Bank of America”) and Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S” or “Merrill”), a registered broker-dealer, registered investment adviser and a wholly owned subsidiary of Bank of America Corporation (“BofA Corp.”).

This information should not be construed as investment advice and is subject to change. It is provided for informational purposes only and is not intended to be either a specific offer by Bank of America, Merrill or any affiliate to sell or provide, or a specific invitation for a consumer to apply for, any particular retail financial product or service that may be available.

Bank of America is a marketing name for the Retirement Services business of BofA Corp. Banking activities may be performed by wholly owned banking affiliates of BofA Corp., including Bank of America, N.A., member FDIC. Brokerage and Investment advisory services are provided by wholly owned non-bank affiliates of BofA Corp., including MLPF&S, a dually registered broker-dealer and investment adviser and member SIPC.

© 2021 Bank of America Corporation. All rights reserved. MAP3551697


Reporters May Contact:

Don Vecchiarello, Bank of America
Phone: 1.770.361.2573


Source: Global Wealth and Investment Management Finance.

Investment advice on 401(k) assets is only provided to plan participants through certain investment advisory programs as directed by plan sponsors.

Made available through Bank of America, N.A.