Bank of America introduces Financial Life Benefits
Bank of America 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 their corporate clients’ employees. Through this offering, Bank of America brings 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.
Some of the benefits include discounts on mortgages and checking and savings accounts, financial education, and in-person guidance and onsite group workshops. As of 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.
“Too often, day-to-day financial challenges hinder long-term financial success. 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.” – Lorna Sabbia, head of Retirement and Personal Wealth Solutions at Bank of America.
“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. 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.” – Alastair Borthwick, head of Global Commercial Banking.
“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 capabilities.” – Aron Levine, head of Consumer Banking and Investing,
Bottom Line: Insurance and annuity products are offered through Merrill Lynch Life Agency, a licensed insurance agency and wholly-owned subsidiary of BofA Corp.