At Bank of America, we have a legacy of over 200 years of leadership putting clients first guided by a common purpose to help make financial lives better through the power of every connection.
Leading in the financial services industry
Bank of America is a leader in consumer banking, wealth management and corporate and investment banking serving individuals, institutions, corporations and governments around the world. Our clients can benefit from a full range of industry-leading products, solutions and services.
Our industry expertise complements and shapes our offerings, bringing forward tailored solutions and innovative approaches informed by our research. We bring this to life in how we organize financial guidance and solutions around life priorities or how we integrate gerontology with our advisory services, to name a few.
A brand that listens
We listen to our clients and are committed to providing them with education and guidance to meet changing needs. We study the trends and challenges affecting everyone, from individuals to institutions, to inform innovations that better equip our clients with the tools and resources needed to support better financial lives. Together this information provides insights that can help inform benefit strategies, programs and public policies all in support of our purpose to help make financial lives better.
A message from Lorna Sabbia
Managing Director, Head of Retirement & Personal Wealth Solutions at Bank of America
“Bank of America is committed to helping employers address the diverse needs of their workforce and empowering employees to take control of their full financial lives. Our specialist teams in Retirement & Personal Wealth Solutions are here to partner with you to deliver the full power of Bank of America and Merrill to your clients. We do this through Financial Life Benefits, a suite of workplace benefits and solutions that brings together traditional financial benefits — including 401(k), healthcare savings and equity compensation — with a corporate employee banking and investing offering that can help address employees’ everyday needs through spending and savings solutions from Bank of America and investing solutions powered by Merrill.”
Committed to security
We have a commitment to data security because the trust of our clients is paramount. Our ability to protect client information comes from being forward-looking, agile and innovative. We are constantly assessing and evolving our information security program, testing our response capabilities and validating the effectiveness of our controls, including:
- Security protocols leveraging the full capabilities of Bank of America
- 24/7 monitoring and proactive plan for any cybersecurity event
- Anticipate potential threats and address critical vulnerabilities
- Mitigate incidents through a coordinated response
- Limit exposure across our network
- Ongoing work with industry professionals and government officials
Awards and recognition
1The J.D. Power Certified Contact Center ProgramSM focuses on critical areas of customer satisfaction by rewarding best practices that are aligned with customer needs. To become certified for live phone interactions, a contact center operation must successfully pass a detailed audit and also perform within the top 20 percent of customer service scores, which are based on benchmarks established in J.D. Power’s cross-industry customer satisfaction research. The evaluation criteria include the customer service representative's courtesy, knowledge and concern for the customer; promptness in speaking to a person; and timely resolution of the problem or request. Additionally, the experience with the automated phone system is evaluated based on the clarity of the information provided, the ease of navigating the phone menu prompts and the ease of understanding the phone menu instructions. J.D. Power 2019 Certified Customer Service Program recognition is based on successful completion of an evaluation and exceeding a customer satisfaction benchmark through a survey of recent servicing interactions. The ranking or ratings shown here may not be representative of all client experiences because they reflect an average or sampling of the client experiences. These rankings or ratings are not indicative of any future performance or investment outcome. For more information, visit www.jdpower.com/ccc. Participation in this survey was paid for by Bank of America.
2Ratings were based on results from 2,698 plan sponsors that replied to the 2019 PLANSPONSOR Defined Contribution (DC) Survey questionnaire. 23 defined contribution plan recordkeepers obtained the minimum required survey responses to be considered for awards. “Best in Class” awards are given to the three highest scoring providers and all providers who scored higher than the required benchmark within each plan asset size: Micro (under $5 million), Small A ($5 million–$25 million), Small B (>$25 million–$50 million), Mid (>$50 million–$200 million), Large (>$200 million–$1 billion), and Mega (over $1 billion). PLANSPONSOR magazine, an Institutional Shareholder Services Inc. business, is a leading authority on retirement issues and benefits programs. For additional details, please refer to the December–January 2020 issue of PLANSPONSOR Magazine or visit www.plansponsor.com. Bank of America is not affiliated with the website provided and does not monitor, maintain or specifically approve any of the information available on the website. The ranking or ratings shown here may not be representative of all client experiences because they reflect an average or sampling of the client experiences. These rankings or ratings are not indicative of any future performance or investment outcome.
3For the year ending 2019, DALBAR, Inc. examined defined contribution (DC) statements from 26 financial service providers, and total retirement (TR) statements from five financial service providers. Statements are scored on a 100-point scale in criteria grouped into four broad categories: Calculated to be Understood (Statement Clarity), Primary Content and Secondary Content (Statement Content), and Design and Statement Formats (Statement Design). Statements that earn 80-100 points are designated “Excellent.” Statements that earn 70-79 points are designated “Very Good.” The DC statement earned a score of 90.80, the highest awarded in its category. The TR statement earned a score of 83.95, the highest awarded in its category. The ranking or ratings shown here may not be representative of all client experiences because they reflect an average or sampling of the client experiences. These rankings or ratings are not indicative of any future performance or investment outcome.
4For first quarter 2020, DALBAR's WebMonitor program examined participant websites offered by 30 Defined Contribution service providers. Websites are awarded a score from 0–100. Websites that earn 80–100 points are designated “excellent.” Websites that earn 70–79 points are designated “very good.” Merrill earned a score of 82.57, the seventh highest awarded in the Retirement (Defined Contribution) category. Since Q3-2008, Merrill’s Benefits OnLine® site has been awarded a DALBAR Designation of “Excellent.” The ranking or ratings shown here may not be representative of all client experiences because they reflect an average or sampling of the client experiences. These rankings or ratings are not indicative of any future performance or investment outcome.
5For months July-December 2019, DALBAR, Inc. examined 45 mobile applications from financial services firms. 18 of the 45 mobile applications were defined contribution (DC) experiences reviewed on 2 types of devices. Criteria consisted of 10 distinct evaluation categories and each mobile app earned a rating between 1 and 5 stars, both overall and within individual evaluation categories. Benefits Online earned an exceptional rating in multiple evaluation categories including: design, navigation, security, personalization and ease of use. The ranking or ratings shown here may not be representative of all client experiences because they reflect an average or sampling of the client experiences. These rankings or ratings are not indicative of any future performance or investment outcome.