Bank of America has launched a program for retirement plans that includes a digital, Merrill-branded investment management service.
Participants in BofA's new Personal Retirement Strategy can opt to make their own 401(k) investments or, for a fee, can have their portfolio managed by Merrill. The advisory fee charged for assets enrolled in the Merrill Managed service has a yearly maximum of 0.25 percent of assets.
With the new program, the bank is "connecting employees to the personalized retirement income planning resources they need to take charge of their financial future," said Tom Matarazzo, Institutional Retirement Advisory Programs executive at Bank of America, in a statement. "This new program makes retirement planning clearer and more approachable for plan participants."
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