The evolution of technology is changing how we communicate and build relationships. In fact, 42% of Americans believe communicating virtually is just as meaningful, or more meaningful, than communicating in person.1 In addition, consumers increasingly turn to apps to manage everyday tasks, interactions and transactions, with many Gen Zers accessing apps more than 50 times per day.1
When it comes to managing our financial lives, it’s no different. That’s why we introduced the Benefits OnLine® Mobile App. Employees will engage with the channels that are most relevant and natural for them, and the new mobile app makes it easier and more convenient for them to take action on their benefits. In fact, since the app launched in October 2018, we’ve seen 79,800 downloads of the app.2 Participants are using the app to enroll in their 401(k) plan via Express Enroll, change their contribution rate, change their beneficiary information, accept equity award grants and more.
Throughout 2019, planned enhancements to the Benefits OnLine® Mobile App will enable employees to do even more:
|•||Additional transactional capabilities, including rollovers, model loan payoffs, fund transfers and investment elections.|
|•||Access to the Retirement Income dashboard to help participants easily see their progress against their goals and make adjustments if needed.|
|•||Ability to enroll in Advice Access and view an enhanced drawdown strategy.|
|•||App-to-app linking, including the Bank of America banking app.|
The full Benefits OnLine® site will also offer enhanced interactive features next year. For example, the Advice Access enrollment experience will be redesigned to make it more intuitive for participants to explore and evaluate their retirement income strategy. With streamlined and simplified navigation, participants can quickly enroll in their preferred strategy and have Advice Access professionally manage their retirement portfolio.
Other enhancements are planned for the equity and Health Benefit Solutions online experience—both full sites and mobile apps—to continually improve experiences. In addition, you can look forward to expanded reporting and tools that can help make your jobs easier. Watch for additional details and announcements throughout the year. If you have questions, please reach out to your Bank of America Merrill Lynch representative.
1 Bank of America Trends in Consumer Mobility Report, November 2018.
2 As of 11/25/18.
Any new products, services or enhancements are subject to change based solely on Bank of America decision, including not proceeding with a planned offering.
The Advice Access service uses a probabilistic approach to determine the likelihood that participants in the service may be able to achieve their stated goal and/or to identify a potential wealth outcome that could be realized. Additionally, the recommendations provided by Advice Access may include a higher level of investment risk than a participant may be personally comfortable with. Participants are strongly advised to consider their personal goals, overall risk tolerance, and retirement horizon before accepting any recommendations made by Advice Access. Participants should carefully review the explanation of the methodology used, including key assumptions and limitations, which is provided in the Advice Access disclosure statement. It can be obtained through Benefits OnLine® or through your representative.
IMPORTANT: The projections or other information shown in the Advice Access service regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary with each use and over time.