Redesigned Digital Experience and Updated Mobile App Among New Resources to Help Employees Improve Financial Wellness
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 greater employee satisfaction, lower stress and higher productivity, among other benefits, according to Merrill Lynch’s recently released 2018 Workplace Benefits Report.
“We’re dedicated to taking our financial wellness program to the next level through holistic, personalized and relevant education and tools that speak to employees in their language” said Lorna Sabbia, head of Retirement and Personal Wealth Solutions at Bank of America Merrill Lynch. “Informed by our proprietary research, coupled with the breadth of educational content from across Bank of America Merrill Lynch, and delivered through customized action plans, intuitive digital and mobile tools, and the assistance of our registered Financial Wellness Specialists, these enhancements advance our mission to meaningfully support employees at every stage of their financial journeys.”
Intended to help meet employees’ evolving needs and preferences for financial wellness, newly launched and upcoming resources include:
“We are committed to delivering purposeful innovations that help employees live their best financial lives,” said Lisa Margeson, head of Retirement Client Experience and Communications at Bank of America Merrill Lynch. “We look forward to continuing to evolve and expand our offerings with an eye towards what employees want most: holistic and relevant experiences that address a wide range of financial priorities, put their personal needs front-and-center and empower them to take action toward goals.”
Merrill Lynch also continues to expand content, educational tools and resources, adding new features to multiple channels based on feedback from clients, including:
As a result of ongoing efforts to design meaningful financial wellness experiences, Bank of America Merrill Lynch continues to see significant growth in employee engagement. This includes a 309 percent year-over-year increase in interactions with the enhanced Retirement Income experience on Benefits OnLine1, as well as more than 180,000 visits2 to its recently introduced Personal Finance Journey digital experience. Additionally, following one-on-one meetings with financial wellness specialists, 25 percent of plan participants took positive financial actions in their plan.
“We are seeing improved engagement with our financial wellness program’s recent enhancements as we actively work to expand our high-tech, high-touch approach with a financial wellness metric and personalized plan with a perspective on next-best actions,” says Margeson. “We are committed to helping our clients pursue a lifetime of financial well-being.”
1 As of August 2, 2018
2 As of September 30, 2018
Merrill Lynch is a leading provider of comprehensive wealth management and investment services for individuals and businesses globally. With 14,838 financial advisors and $2.4 trillion in client balances as of September 30, 2018, it is among the largest businesses of its kind in the world. Bank of America Corporation, through its subsidiaries, specializes in goals-based wealth management, including planning for retirement, education, legacy, and other life goals through investment, cash and credit management. Within Merrill Lynch, the Private Banking and Investment Group focuses on the unique and personalized needs of wealthy individuals, families and their businesses. These clients are served by approximately 200 highly specialized private wealth advisor teams, along with experts in areas such as investment management, concentrated stock management and intergenerational wealth transfer strategies. Merrill Lynch is part of Bank of America Corporation.
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 67 million consumer and small business clients with approximately 4,400 retail financial centers, approximately 16,100 ATMs, and award-winning digital banking with more than 36 million active users, including nearly 26 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 owners 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 more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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Reporters may contact:
Julia Ehrenfeld, Bank of America