Bank of America Merrill Lynch Introduces Groundbreaking Initiative to Empower Companies With a Deeper Understanding of this phenomenon and Its Impact on Employees
July 14, 2015 09:00 — WASHINGTON, D.C.–(BUSINESS WIRE)–This week, at the 2015 White House Conference on Aging, Bank of America Merrill Lynch will announce the introduction of a groundbreaking longevity training program for human resources (HR) and benefit plan professionals.
Developed in partnership with the University of Southern California’s renowned Leonard Davis School of Gerontology, the Bank of America Merrill Lynch Longevity Training Program is designed to drive greater awareness and understanding of the evolving needs of the nation’s aging population and their families.
The science of aging
This first-of-its-kind program offers insights into the latest advances, research and experiences associated with the sociological, psychological and physiological aspects of aging and their implications across all generations of the workforce. The program will soon be available to companies for whom Bank of America Merrill Lynch provides retirement and benefit plan services, which represent more than 35,000 companies and more than 5 million employees. Program participants will learn about the importance of and issues associated with longevity and retirement planning through a deeper exploration of seven life priorities, including health, home, family, giving, leisure, work and finances.
“Designing benefits programs and delivering financial guidance to employees today requires a profound appreciation for the longevity revolution and a deeper understanding of issues associated with aging,” said Andy Sieg, head of Global Wealth and Retirement Solutions at Bank of America Merrill Lynch. “Providing HR professionals greater access to this knowledge can help them better connect with employees as they progress through their careers and toward their later years.”
Participants must complete up to five hours of training over the course of four to eight weeks, delivered through a combination of on-demand videos featuring USC professors, online courses and reference materials, and web-based best practice presentations and knowledge-sharing from Bank of America Merrill Lynch, including director of financial gerontology Cyndi Hutchins. Upon completion of the training, participants will receive a Certificate of Completion from USC.
Understanding the realities of longevity
“Increased longevity leads to longer retirements, changing health care choices, more housing transitions, and many other challenges to financial security,” said Pinchas Cohen, dean of the USC Leonard Davis School of Gerontology. “As more people reach retirement age, there needs to be deeper knowledge inside every company regarding the realities of longevity in order to engage in relevant and supportive discussions with employees about their goals and concerns.”
The introduction of this new program follows an initial rollout in April to Merrill Lynch’s more than 14,000 financial advisors to provide them greater knowledge of and appreciation for various aspects of aging and to help clients pursue their goals leading up to and through retirement.
This program is the latest example of how Bank of America is serving as a pioneer on the topic of longevity. The company is also working with organizations such as the CEO Initiative on Alzheimer’s, the Global Coalition on Aging, Stanford Center on Longevity and the MIT AgeLab. The knowledge and experience represented by these institutions has greatly influenced and intensified Bank of America’s focus on providing resources to its clients, financial advisors and HR professionals.