Merrill Lynch Global Wealth Management Introduces Comprehensive Retirement
Income Management Solution through Integration with Bank of America
New My Retirement Income(TM) Feature and Proprietary Investment Framework
Designed to Help Individuals Retire with Greater Confidence and Convenience
through Simplified Retirement Planning and Income Management
NEW YORK, Oct. 26 /PRNewswire-FirstCall/ -- Merrill Lynch Global Wealth
Management today announced the launch of My Retirement Income(TM), an
innovative feature within the Merrill Lynch Retirement Income Service(®) that
connects customized retirement income planning with the ease and unmatched
convenience of the Bank of America, N.A. retail banking network.
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My Retirement Income allows clients nearing or in retirement to automatically
and seamlessly transfer funds from a Merrill Lynch cash management account
into a Bank of America deposit account on a periodic basis for simplified
retirement income distribution and management. Retirement income transferred
into a Bank of America deposit account can be easily accessed through the
nation's largest retail banking network, which includes more than 6,000 retail
banking offices, more than 18,000 ATMs, mobile banking and award-winning
online banking.
"We recognize and are uniquely positioned to address the diverse retirement
challenges that our clients face today," said Sallie Krawcheck, president of
Bank of America Global Wealth & Investment Management. "My Retirement Income
is the latest demonstration of how the combination of Bank of America and
Merrill Lynch offers our clients greater resources and solutions to help them
pursue their retirement goals."
Comprehensive Solution Designed to Address Retirement Income Concerns
According to Affluent Insights Quarterly, a recently released Merrill Lynch
Global Wealth Management survey of the financial priorities and concerns of
affluent Americans, 50% of those surveyed stated that the current state of
their retirement plan was an area of high concern. Survey respondents cited
"knowing how much I will need to retire" and "knowing whether or not I will be
able to live comfortably in retirement" as the most challenging aspects of
retirement planning, followed by "knowing how to manage my retirement income"
and "determining what kinds of investments make sense to help me reach my
retirement goals."
In light of these challenges, recent enhancements to Merrill Lynch Retirement
Income Service offer a more comprehensive retirement income management
solution that can help clients to convert their retirement nest egg into
retirement income. Merrill Lynch Retirement Income Service enables Merrill
Lynch Financial Advisors to help clients track their spending behaviors in
retirement. Through this service, our Financial Advisors can also provide more
holistic advice around managing cash flow and adjusting retirement investment
strategies to help clients manage their retirement savings to last throughout
their lifetime. Additional enhancements recently made to the Merrill Lynch
Retirement Income Service allow for greater efficiency and effectiveness when
in use by a Merrill Lynch Financial Advisor through streamlined and more
integrated processes.
"Whether transitioning into retirement or recently retired, an integrated
approach to managing retirement savings and investments plays an important
role in our clients' retirement income strategy," said Andy Sieg, head of
Retirement & Philanthropic Services (RPS) for Bank of America Merrill Lynch.
"We believe that the unique combination of a one-on-one relationship with a
trusted financial advisor, a customized investment framework, periodic
analysis of spending and investing, and convenient cash management enables
clients to turn the retirement plans they've been working toward into action."
Retirement Income Best Practices from Merrill Lynch Global Wealth Management
Also introduced today is the Merrill Lynch Retirement Income Framework, a
proprietary retirement income planning and investment approach. The Framework
was designed to complement and evolve Merrill Lynch Financial Advisors'
existing retirement income strategies when working with clients.
The foundation of the new Framework is a segmented investment approach best
suited for clients nearing and in retirement that divides assets into three
distinct portfolios designed to better enable clients to address short-term
consumption needs, optimize long-term investment opportunities and marshal
excess savings to help maximize the value of their legacies and
intergenerational transfer of wealth. The investment approach also takes into
consideration a client's individual risk tolerance, and is designed to help
mitigate common risks associated with retirement income plans, including
longevity, inflation, asset allocation and health care.
"Pursuing the retirement you want can be accomplished in part through a
one-on-one relationship with a financial advocate who knows where you want to
go and who can offer personalized advice and guidance to help you get there,"
said Aimee DeCamillo, head of Personal Retirement Solutions for Merrill Lynch
Global Wealth Management. "Our financial advisors help clients to create and
manage customized investment strategies designed to pursue continued asset
growth and a consistent income stream in retirement."
More information on the Merrill Lynch Retirement Income Framework, as well as
case studies illustrating its effectiveness, can be found in a recently
published white paper titled "A Framework for Managing Retirement Income." And
for more information on how Merrill Lynch Global Wealth Management is helping
clients to prepare for retirement and manage retirement income, visit
http://www.ml.com/help2retire or contact your Merrill Lynch Financial Advisor.
Bank of America
Bank of America is one of the world's largest 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 53
million consumer and small business relationships with 6,000 retail banking
offices, more than 18,000 ATMs and award-winning online banking with more than
29 million active users. Bank of America is among the world's leading wealth
management companies and is a global leader in 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 more than 4 million small
business owners through a suite of innovative, easy-to-use online products and
services. The company serves clients in more than 150 countries. Bank of
America Corporation stock (NYSE: BAC) is a component of the Dow Jones
Industrial Average and is listed on the New York Stock Exchange.
Investing in securities involves risks, and there is always the potential of
losing money when you invest in securities.
Any information presented about tax considerations affecting client financial
transactions or arrangements is not intended as tax advice and should not be
relied upon for the purpose of avoiding any tax penalties. Neither Merrill
Lynch nor its Financial Advisors provide tax, accounting or legal advice.
Clients should review any planned financial transactions or arrangements that
may have tax, accounting or legal implications with their personal
professional advisors.
Merrill Lynch Wealth Management makes available products and services offered
by Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S) and other
subsidiaries of Bank of America Corporation. Banking products are provided by
Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned
subsidiaries of Bank of America Corporation.
Investment products:
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Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value
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MLPF&S is a registered broker-dealer, Member SIPC and a wholly owned
subsidiary of Bank of America Corporation.
SOURCE Bank of America
Matt Card of Bank of America, +1-617-434-1388, matthew.card@bankofamerica.com
