New Merrill Portfolios Designed to Provide BofA Clients Predictable Income in Retirement
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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.

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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:

Are Not FDIC Insured

Are Not Bank
Guaranteed

May Lose Value

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
[email protected]

SOURCE Bank of America Corporation
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