CHARLOTTE, N.C., March 25, 2024 /PRNewswire/ -- Bank of America
today announced Merrill is offering new income-focused portfolios
designed to deliver predictable income for retirees over a 25-year
period.
"For many, the fear of outliving retirement assets can be
overwhelming," said Matt Gellene,
Head of Consumer Investments and Employee Banking & Investments
at Bank of America. "Having a predictable monthly income
replacement vehicle helps retirees enjoy this phase of life with
greater confidence in their long-term financial security."
Now available for Merrill Guided Investing and Merrill Guided
Investing with Advisor clients, key features of the income-focused
portfolios include:
- Income-focused strategy choices: Investors can choose
strategies ranging from "stable income" to "income and growth" to
best align with their time horizon, risk tolerance and
more.
- Seamless integration: Portfolios provides for recurring
distributions into a Bank of America checking account or other bank
or investing account of their choosing, and seamless connectivity
to a client's broader Bank of America and Merrill relationship.
Clients must have a minimum of $50,000 in assets to fund the account.
- Professionally managed: Portfolios designed and managed
by the Chief Investment Office provide investors with a fully
integrated experience across asset allocation, portfolio
construction, investment selection and risk management.
According to the 2024 Bank of America Workplace Benefits Report,
already low confidence among employees in their ability to manage
retirement income needs has gotten lower over the last two years
(2021 vs. 2023), including the ability to:
- Go from saving money for retirement to spending money in
retirement (30% vs. 24%)
- Set up the right withdrawal schedule and amount (30% vs
20%)
- Have the flexibility to manage unexpected expenses (33% vs.
23%)
"The new income-focused portfolios are designed to help with
concerns over outliving retirement savings by giving retirees the
ability to control their income, while allowing for flexibility as
life changes inevitably occur," said Mark Granshaw, Head of Consumer Investments
Product for Bank of America.
The new income-focused portfolio capabilities are part of
Merrill's latest enhancements to personalize the investing
experience and help clients make more informed and confident
investing decisions throughout their financial journey. Merrill
Guided Investing is an online investment advisory program that
combines online investing with a professionally managed portfolio.
Merrill Guided Investing with Advisor offers access to the platform
and additional one-on-one guidance from a Merrill Financial
Solutions Advisor.
Investing in securities involves risks, and there is always
the potential of losing money when you invest in
securities.
Merrill, Merrill Lynch, and/or Merrill
Edge investment advisory programs are offered by Merrill
Lynch, Pierce, Fenner & Smith Incorporated ('MLPF&S') and
Managed Account Advisors LLC ('MAA') an affiliate of MLPF&S.
MLPF&S and MAA are registered investment advisers. Investment
adviser registration does not imply a certain level of skill or
training.
Merrill Lynch, Pierce, Fenner & Smith Incorporated (also
referred to as 'MLPF&S' or 'Merrill') makes available certain
investment products sponsored, managed, distributed or provided by
companies that are affiliates of Bank of America Corporation ('BofA
Corp.'). MLPF&S is a registered broker-dealer, registered
investment adviser, Member SIPC and a wholly-owned subsidiary of
BofA Corp.
The Chief Investment Office (CIO) provides thought leadership on
wealth management, investment strategy and global markets;
portfolio management solutions; due diligence; and solutions
oversight and data analytics.
Bank of America Private Bank is a division of Bank of America,
N.A., Member FDIC, and a wholly-owned subsidiary of BofA Corp.
Trust and fiduciary services and other banking products are
provided by wholly-owned banking affiliates of BofA Corp.,
including Bank of America, N.A.
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Investment
products:
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Are Not FDIC
Insured
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Are Not
Bank
Guaranteed
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May Lose
Value
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Bank of America
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 69 million consumer and small
business clients with approximately 3,800 retail financial centers,
approximately 15,000 ATMs (automated teller machines) and
award-winning digital banking with approximately 57 million
verified digital 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 4 million
small business households 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 is listed on the New York Stock
Exchange (NYSE: BAC).
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America
newsroom and register for news email alerts.
Reporters may contact:
Andy
Aldridge, Bank of America
Phone: 1.980.387.0514
andrew.aldridge@bofa.com
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SOURCE Bank of America Corporation