Bank of America to Merge Workplace Financial Benefits with Banking, Investing Tools

Bank of America Merrill

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Bank of America today 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 its corporate clients’ employees.

Through this new offering, Bank of America says it is bringing together traditional financial benefits—including 401ks, 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.

Lorna Sabbia

“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:

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 capabilities.”

Today, 40% of large and mid-size companies in the U.S. have a corporate banking relationship with New York-based Bank of America, including 95% of the U.S. Fortune 1,000, in addition to 3 million small business owners.

“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,” said Alastair Borthwick, head of Global Commercial Banking. “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.”

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