Merrill Lynch has rolled out a new tech-based tool to help advisors develop a retirement vision for their clients.
Merrill Lynch Clear is a series of interactive tools that divides retirees’ investment objectives into seven categories: health, family, finance, leisure, home, giving and work.
The technology purports to provide a deeper level of education and an efficient platform for prioritizing goals through a series of videos, guides, seminars and other content specific to the needs of retirees.
Advisors are intended to benefit from the platform by using it to shape more meaningful and personal conversations with their clients. In providing a format for conversations about priorities, clear goals can be set, and a defined strategy can be implemented.
“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.”
A series of iPad “Discovery Apps” uses illustrations, educational resources and interactive exercises to help advisors engage clients on how they’re expecting their money to work for them. With the new set of tools, advisors can access Merrill Lynch’s teams of retirement specialists across all areas of the retirement spectrum.
“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.”
Merrill Lynch also has reconfigured their website with ongoing content and resources from third-party experts that explores the costs of caregiving, health care, investing in a second home, and education exploring career alternatives in retirement.