Living to at least 100 years old is our new reality. Recognizing this opportunity and challenge, Bank of America has shifted the conversation with investors toward a more holistic approach to helping them pursue financial goals.
|1||Research, insights and specialized training. Research has helped us identify key life priorities that can help employees think about their goals and finances at every stage of life. Our financial advisors benefit from extensive training—guided by our own financial gerontologist—and from a resource library and ongoing learning modules that help keep them informed of the latest insights and developments, such as the effects of cognitive decline and Alzheimer’s disease on financial health.|
|2||Tools and resources. Checklists, assessments and other materials support dialogues between advisors and individuals to help identify financial goals and develop strategies to pursue them. And thinking beyond retirement, resources also include broader family considerations, such as living wills, estate planning, elder fraud issues and more.|
|3||Financial education. Employees have access to a vast array of financial education through our online Education Center and Better Money Habits® website. With targeted communication programs, on-site seminars and workshops, and one-on-one personal consultations, employees can also get the information they need when and how they want it, helping them take action toward their goals.|
|4||Understanding women. All of the above has also been developed with the unique needs of women in mind, given the $1 million wealth gap for women compared to men by the time they reach retirement.1|
|5||Benefit partnerships. The deep research and insights have in turn led to a number of caregiving and other non-traditional benefits for Bank of America employees, including adult back-up care, access to senior care managers or advocates, elder care law services and employee networks to share experiences and best practices.|
Talk with your Bank of America representative about our thought leadership research and financial wellness programs and how they can add value for your organization.
1 Merrill/Age Wave study, “Women and Financial Wellness: Beyond the Bottom Line,” 2018.