Leadership

At Bank of America, we have a legacy of over 200 years of leadership putting clients first guided by a common purpose to help make financial lives better through the power of every connection.

 

Leading in the financial services industry

Bank of America is a leader in consumer banking, wealth management and corporate and investment banking serving individuals, institutions, corporations and governments around the world. Our clients can benefit from a full range of industry-leading products, solutions and services.

 

Our industry expertise complements and shapes our offerings, bringing forward tailored solutions and innovative approaches informed by our research. We bring this to life in how we organize financial guidance and solutions around life priorities or how we integrate gerontology with our advisory services, to name a few.

 

A brand that listens

We listen to our clients and are committed to providing them with education and guidance to meet changing needs. We study the trends and challenges affecting everyone, from individuals to institutions, to inform innovations that better equip our clients with the tools and resources needed to support better financial lives. Together this information provides insights that can help inform benefit strategies, programs and public policies all in support of our purpose to help make financial lives better.

 

An inclusive approach

Our inclusive approach to financial wellness engages individuals wherever they are in their financial journeys with humility, sensitivity, respect and understanding to help each employee live better financially. Taking into account the unique factors that make individuals who they are helps:

 

  • Make interactions meaningful
  • Create personalized experiences that encourage employees to actively engage and take action toward their goals
  • Cultivate a workplace where employees feel considered and cared for
A headshot of Lorna Sabbia

A message from Lorna Sabbia

Managing Director, Head of Retirement & Personal Wealth Solutions at Bank of America

 

“Bank of America is committed to helping employers address the diverse needs of their workforce and empowering employees to take control of their full financial lives. Our specialist teams in Retirement & Personal Wealth Solutions are here to partner with you to deliver the full power of Bank of America and Merrill to your clients. We do this through Financial Life Benefits, a suite of workplace benefits and solutions that brings together traditional financial benefits — including 401(k)1, healthcare savings2 and equity compensation1 — with a corporate employee banking2 and investing1 offering that can help address employees’ everyday needs through spending and savings solutions from Bank of America and investing solutions powered by Merrill.”

Committed to security

We have a commitment to data security because the trust of our clients is paramount. Our ability to protect client information comes from being forward-looking, agile and innovative. We are constantly assessing and evolving our information security program, testing our response capabilities and validating the effectiveness of our controls, including:

 

  • Security protocols leveraging the full capabilities of Bank of America
  • 24/7 monitoring and proactive plan for any cybersecurity event
  • Anticipate potential threats and address critical vulnerabilities
  • Mitigate incidents through a coordinated response
  • Limit exposure across our network
  • Ongoing work with industry professionals and government officials
 

Awards and recognition

JD Power logo

Outstanding Customer Service Experience (2021)3

Dalbar statement logo

Defined contribution statement ranked #1 for the 10th year in a row (2021)4

Total retirement statement logo

Total retirement statement ranked #1 overall for the 2nd year in a row (2021)4

 

Dalbar Web logo

Benefits OnLine® website earned “excellent” designation for 50 consecutive quarters (2020)5

Dalbar Mobile logo

4.5 star rating (of 5) for Defined Contribution (DC) Benefits OnLine® mobile application (2020)6

Connect with a team member today

Let us help you differentiate your business and empower your employees to take control of their full financial lives.

1Investment products are available from Merrill Lynch, Pierce, Fenner & Smith Incorporated.

2Bank products are available from Bank of America, N.A., and affiliated banks.

3The J.D. Power Certified Contact Center ProgramSM focuses on critical areas of customer satisfaction by rewarding best practices that are aligned with customer needs. To become certified for live phone interactions, a contact center operation must successfully pass a detailed audit and also perform within the top 20 percent of customer service scores, which are based on benchmarks established in J.D. Power’s cross-industry customer satisfaction research. The evaluation criteria include the customer service representative’s courtesy, knowledge and concern for the customer; promptness in speaking to a person; and timely resolution of the problem or request. Additionally, the experience with the automated phone system is evaluated based on the clarity of the information provided, the ease of navigating the phone menu prompts and the ease of understanding the phone menu instructions. J.D. Power 2021 Certified Customer Service Program recognition is based on successful completion of an evaluation and exceeding a customer satisfaction benchmark through a survey of recent servicing interactions. The ranking or ratings shown here may not be representative of all client experiences because they reflect an average or sampling of the client experiences. These rankings or ratings are not indicative of any future performance or investment outcome. For more information, visit https://www.jdpower.com/ccc. Participation in this survey was paid for by Bank of America.

4For the year ending 2020, DALBAR, Inc. examined defined contribution (DC) statements from 32 financial service providers, and total retirement (TR) statements from five financial service providers. Statements are scored on a 100-point scale in criteria grouped into four broad categories: Calculated to be Understood (Statement Clarity), Primary Content and Secondary Content (Statement Content), and Design and Statement Formats (Statement Design). Statements that earn 80-100 points are designated “Excellent.” Statements that earn 70-79 points are designated “Very Good.” The DC statement earned a score of 90.80, the highest awarded in its category. The TR statement earned a score of 84.05, the highest awarded in its category. The ranking or ratings shown here may not be representative of all client experiences because they reflect an average or sampling of the client experiences. These rankings or ratings are not indicative of any future performance or investment outcome. 

5For fourth quarter 2020, DALBAR’s WebMonitor program examined participant websites offered by Defined Contribution service providers. Websites are awarded a score from 0–100. Websites that earn 80–100 points are designated “excellent.” Websites that earn 70–79 points are designated “very good.” Merrill earned a score of 81.85, the tenth highest awarded in the Retirement (Defined Contribution) category. Since Q3-2008, Merrill’s Benefits OnLine® site has been awarded a DALBAR Designation of “Excellent.” The ranking or ratings shown here may not be representative of all client experiences because they reflect an average or sampling of the client experiences. These rankings or ratings are not indicative of any future performance or investment outcome.

6For months July-December 2020, DALBAR, Inc. examined 45 mobile applications from financial services firms. 18 of the 45 mobile applications were defined contribution (DC) experiences reviewed on 2 types of devices. Criteria consisted of 10 distinct evaluation categories and each mobile app earned a rating between 1 and 5 stars, both overall and within individual evaluation categories. Benefits Online earned an exceptional rating in multiple evaluation categories including: design, navigation, security and personalization. The ranking or ratings shown here may not be representative of all client experiences because they reflect an average or sampling of the client experiences. These rankings or ratings are not indicative of any future performance or investment outcome.