Bank of America introduces ML funds transfer capability

Source: Bank of America

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.

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."

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