Going beyond

A message from Lorna Sabbia, head of Retirement and Personal Wealth Solutions, Bank of America

This is not your typical new-year message. That’s because at Bank of America, the work we are doing to accelerate financial wellness is anything but typical. We are employing out-of-the-box thinking, advanced technology and behavioral insights to address the full financial needs of those we serve in exciting and unprecedented ways.

I am proud to have this opportunity to share with you not only our vision for the future, but also how we are delivering on that vision. In this new year 2020, all those ideas we associate with “the future” no longer feel far away and out of reach. The future is here—it’s now—and our focus on bringing our vision to life is laser sharp. So join me on this journey and let’s get ready to experience institutional retirement and benefits like never before.

The future is here—it’s now—and our focus on bringing our vision to life is laser sharp.

Integrated solution sparks new energy around financial benefits

We’re transforming our business to provide a seamless integrated solution that helps meet employees’ broad financial needs—retirement, health savings, banking, investing. We call it Financial Life Benefits™ because it will allow your employees to gain greater visibility of their full financial picture and to holistically manage their financial lives. It will integrate financial information and insights, education and guidance, tools and resources from across our organization—offering employees a deeper set of solutions to address both their day-to-day and long-term financial needs, at every life stage, and as their needs change and evolve.

By engaging employees in broader ways and providing a clearer picture of how all their assets work together, we believe Financial Life Benefits™ will help them better understand and appreciate the value of the benefits your company provides. We know you’ve been asking for this, and we are excited to continue to work with you to offer distinctive benefits packages that can help you attract and retain talent for your company.

And what will all this look like to you and your employees? A completely reimagined set of digital capabilities with one seamless interface that will simplify how employees navigate their financial lives—and artificial intelligence (AI)-driven platforms that will dynamically deliver an unprecedented level of personalized content and relevant guidance. In late 2019, we made a clear and bold step toward deepening online integration capabilities with the ability for employees to link and view all of their financial accounts in one place, with much deeper transactional functionality planned later in 2020 and beyond. We’re also significantly expanding our network of local advisors and specialists to provide employees in-person support and onsite education when they want it. You will soon get a better picture of what to expect through the newest edition of our enhancements roadmap, and you’ll be hearing a lot more about Financial Life Benefits™ in the coming weeks as well.

Financial Life Benefits™ can help elevate your benefits offering by providing your employees access to an integrated solution that supports all of their financial needs. Learn more.

1 Investment products are available from Merrill Lynch, Pierce, Fenner & Smith Incorporated.

2 Bank products are available from Bank of America, N.A., and affiliated banks.

A commitment that is the very core of our business

These initiatives underscore our commitment to you, your employees and our industry. Our goal is to be a broad-based provider to companies and individuals, so it is essential to bring together all of our strengths to be able to serve those needs. Institutional retirement and benefits are a vital part of our growth strategy for our business and we are investing to make our offering even stronger.

It all goes back to our core mission to help make financial lives better, through the connections we make with you to understand and support your goals, and the connections we are facilitating within our own organization to be able to be agile in responding to those needs. It’s about the meaningful and personal connections we are making between employees, their finances, goals and priorities, and the guidance and resources they need to pursue them. And, it is about bringing together our enterprise-wide resources and advanced technology to provide a more streamlined and compelling way to engage employees in managing their finances, while helping to simplify benefits administration for plan sponsors.

I’m looking forward to staying connected and experiencing all that we have planned with you in 2020 and beyond.

Lorna Sabbia

Lorna Sabbia
Head of Retirement and Personal Wealth Solutions, Bank of America

Any new products, services, enhancements, and release dates are subject to change based solely on Bank of America decision, including not proceeding with a planned offering.