Bank of America Introduces Financial Life Benefits, Delivering the Industry’s Most Comprehensive Set of Solutions and Guidance to Employees of Corporate Clients

Bank of America today announced the launch of Financial Life Benefits^TM, a suite of workplace benefits and solutions designed to help meet the near- and long-term financial needs of our corporate clients’ employees. Through this offering, Bank of America brings together traditional financial benefits – including 401(k)¹, health care savings², equity compensation¹, and non-qualified deferred compensation plans¹ – 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 with:

• A broad range of solutions and guidance – Many employees are stressed about their financial situations and are turning to their employers for help². Recognizing this need, Bank of America’s corporate employee banking capabilities provide discounts on mortgages and checking and savings accounts³. Financial Life Benefits also includes financial education for every stage of an employee’s life, informed by research, along with personalized wealth management delivered by designated advisors.

• A high-tech, high-touch experience – In-person guidance is available to help employees maximize their benefits via onsite group workshops; one-on-one consultations; local financial centers where they can meet with Merrill advisors, as well as Bank of America lending and small business banking specialists; and award-winning call centers. A significant technology investment is being made to help employees more easily and conveniently navigate their financial lives through reimagined digital capabilities and a single interface. Our artificial intelligence-driven platform helps deliver personalized 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. 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.

According to Aron Levine, head of Consumer Banking and Investing, “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 centers across the country, our Preferred Rewards program, and award-winning digital banking and investing capabilities⁴.”