Bank of America today introduced Merrill Edge® Roadmap™1, a new way to help mass affluent clients pursue their financial goals through personalized advice and guidance from a licensed Merrill Edge Financial Solutions Advisor™. Merrill Edge Roadmap provides a simple way for clients to understand their current financial situation, document their financial goals, and create an action plan to help them pursue those goals. To ensure that clients stay on track, Merrill Edge Roadmap includes a complimentary review of their progress at least twice a year.
“Mass affluent clients are focused on meeting their individual and family life goals, such as having a comfortable retirement or sending their children to college,” said Alok Prasad, head of Merrill Edge. “Merrill Edge Roadmap looks at their financial goals and provides specific steps that they can act on by working with a Merrill Edge Financial Solutions Advisor.”
According to the fall 2012 Merrill Edge Report, three-quarters (73 percent) of mass affluent Americans are concerned that their retirement assets won’t last throughout their lifetime, and 67 percent are concerned they won’t be able to afford the lifestyle they desire in retirement. The cost of college is also a concern, with nearly three-in-five (58 percent) dipping into their own personal savings to fund their children’s education. As a result, 76 percent of mass affluent Americans are seeking some kind of guidance to help them manage important financial tasks.
The Merrill Edge Roadmap experience starts with a one-on-one conversation with a licensed Merrill Edge Financial Solutions Advisor. The conversation focuses on clearly laying out the client’s current financial situation – including savings, income and expenses. This is followed by a detailed discussion of the goals for the client and their families, which may include retirement, college savings, emergency funds, saving for a large purchase, or accumulating wealth. From there, a client receives a free financial assessment and action plan, including specific investment recommendations tailored to their needs. Moving forward, a client will receive reports detailing the progress they are making towards their specific goals. They will also have the opportunity to meet with a Financial Solutions Advisor every six months or as needed to review their advancement toward their goals and make adjustments if necessary.