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BofA Rolls Out Life Plan Tool with Access to Financial Professionals

By Alex Padalka October 6, 2020

Bank of America says it has launched a financial planning program aimed at offering customers digital services as well as connecting clients with the firm’s financial professionals. 

Life Plan, as the new program is called, is available to BofA clients through its mobile app and online banking platform, according to the bank.

The program allows users to choose and prioritize their goals in regard to their finances as well as their family, health, home, work, leisure and giving, BofA says. As users’ priorities change, the program allows them to update their financial goals in real time, as well as to track progress and tap personalized recommendations on steps to achieve their goals, according to the bank.

The program also lets customers access BofA’s financial professionals, “by scheduling in-person or virtual one-on-one appointments for collaborative discussions about their goals and strategies to help achieve them,” the company says. 

Customers using the option get referred to BofA employees who determine, based on the customer’s choices on the digital tool and the data the bank has about them, if they should be further referred to an advisor at Merrill Edge, Merrill Lynch or BofA Private Bank, a bank spokesperson tells FA-IQ.

Life Plan integrates with BofA’s artificial intelligence-driven virtual assistant Erica as well as with the bank’s loyalty program, and offers free financial education from the firm’s Better Money Habits platform, according to the press release.

BofA is rolling out Life Plan after an eight-month pilot that included more than 80,000 clients, the company says. The top five goals set by those clients were budgeting and starting to save; saving for retirement; buying a home; saving for a large purchase; and improving their credit, according to the bank.

BofA has been integrating services between wealth management and banking in recent months.

In August, the company announced several enhancements that now allow its banking customers with a Merrill Lynch investing or retirement relationship or a BofA Private Bank relationship to view all those relationships from BofA’s mobile banking app, place trades in their investment accounts and use Erica to connect to Merrill Lynch advisors.

In all, the company has 39 million active digital banking users, of which 30 million are active mobile users, the bank says in its latest press release.

With reports from Miriam Rozen

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Tags:  Technology , Special services , Bank of America , Merrill Lynch

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