New Framework Provides Clarity Through Exploration of Life Priorities
An exploration of seven distinct life priorities – including health,
home, family, finance, giving, work and leisure – connecting the
financial aspects of life in retirement.
Deeper levels of education and insight about priorities and concerns
through a series of videos, guides, seminars and other rich content to
help people make informed decisions.
Specially trained financial advisors with innovative tools to bring
this approach and these resources together for clients throughout
their lives, as needs and priorities change.
NEW YORK--(BUSINESS WIRE)--
An average of 10,000 baby boomers are turning 65 years old every day,
and it will remain this way for the next few decades. People are also
living longer, in many cases much longer than previous generations.
Meanwhile, entitlements are shrinking, family interdependencies are
multiplying, and economic uncertainty is widespread. These trends have
resulted in unprecedented complexity when preparing for and managing
life in retirement, and call for a new approach.
Today, Merrill Lynch introduces Merrill
Lynch Clear™, a pioneering framework that offers a more
comprehensive way of helping people navigate to and throughout
retirement. The result of years of extensive research and thousands of
hours of conversations with people about what matters most during this
stage of life, Merrill Lynch Clear modernizes the process of preparing
for retirement through:
The framework is designed to better connect people’s lives to their
finances through broader, more personally meaningful conversations with
their financial advisors about their priorities. This exploration then
leads to goal setting, the creation of an investment strategy to help
pursue those goals, and making course corrections along the way.
“Retirement today is a totally different experience,” said Andy Sieg,
head of Global Wealth and Retirement Solutions for Bank of America
Merrill Lynch. “Baby boomers are living later life in ways no other
generation has. This requires a bold new approach to helping people
think about their lives in a comprehensive way, explore opportunities
and challenges, and seek peace of mind.”
Among Merrill Lynch Clear’s unique tools is a series of iPad “Discovery
Apps” created to help facilitate deeper conversations between clients
and advisors. The first apps in this expanding series focus on the
exploration of life priorities, along with social security, health care,
lifetime income and knowing your investment personality. These apps
offer a dynamic approach to helping people consider retirement in ways
they may never have before, using illustrations, educational resources,
and interactive exercises to better understand priorities and allocate
resources based on personal goals and circumstances.
“Making sense of retirement is challenging for everyone,” said David
Tyrie, head of Retirement and Personal Wealth Solutions for Bank of
America Merrill Lynch. “Merrill Lynch Clear is designed to help people
face these challenges in a confident manner, reduce uncertainties, and
make complex conversations and decisions easier.”
Through Merrill Lynch Clear, financial advisors have access to teams of
retirement, wealth, trust and insurance specialists across the country
to help them better address the needs of clients in their later years.
Merrill Lynch has also named Cyndi Hutchins as director of Financial
Gerontology, providing another unique resource to help advisors address
the challenges that come with aging.
“People are looking for advisors who understand that the retirement
conversation isn’t about a math equation or beating benchmarks,” said
John Thiel, head of Merrill Lynch Wealth Management. “Achieving goals
requires more informed discussions about what matters most, and the
flexibility to course-correct when priorities and personal situations
inevitably shift throughout life.”
The retirement website (www.ml.com/retire)
has also been redesigned with actionable content and resources from
Merrill Lynch and third-party experts to help clients navigate life in
retirement. New content being introduced on an ongoing basis includes
original articles, client and expert videos, webcasts and research on
topics ranging from: Changing the Conversation About Retirement,
Understanding Health Care Costs, The Caregiver’s Financial Guide,
Sharing the Family Vacation Home, An Encore Education for Your Encore
Career, Financial Guide for First-Time Grandparents and much more.
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Merrill Lynch Global Wealth Management
Merrill Lynch Global Wealth
Management is a leading provider of comprehensive wealth management and
investment services for individuals and businesses globally. With more
than 13,700 Financial Advisors and $1.9 trillion in client balances as
of March 31, 2014, it is among the largest businesses of its kind in the
world. Within Merrill Lynch Global Wealth Management, the Private
Banking and Investment Group provides tailored solutions to ultra
affluent clients, offering both the intimacy of a boutique and the
resources of a premier global financial services company. These clients
are served by more than 150 Private Wealth Advisor teams, along with
experts in areas such as investment management, concentrated stock
management and intergenerational wealth transfer strategies. Merrill
Lynch Global Wealth Management is part of Bank of America Corporation.
Source: Bank of America. Merrill Lynch Global Wealth Management (MLGWM)
represents multiple business areas within Bank of America’s wealth and
investment management division including Merrill Lynch Wealth Management
(North America and International), Merrill Lynch Trust Company, and
Private Banking and Investments Group. As of March 31, 2014, MLGWM
entities had approximately $1.9 trillion in client balances. Client
Balances consists of the following assets of clients held in their MLGWM
accounts: assets under management (AUM) of MLGWM entities, client
brokerage assets, assets in custody of MLGWM entities, loan balances and
deposits of MLGWM clients held at Bank of America, N.A. and affiliated
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(“MLPF&S”), a registered broker-dealer and member SIPC, and other
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Investment products offered through MLPF&S and insurance and annuity
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May Lose Value
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Federal Government Agency
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Any Banking Service or
Merrill Lynch Life Agency Inc. is a licensed insurance agency and a
wholly owned subsidiary of BAC.
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