Business

Bank of America plans advertising campaign for its retirement programs
by Lucia Mitrova

"Americans' retirement needs are continuing to intensify due to longer life expectancy, rising health care costs and the lack of comprehensive, readily accessible guidance," said Jeff Carney, president of Bank of America's Retirement and Global Wealth and Investment Management Client Solutions. That is the reason why Bank of America is entering the business which is usually controlled by specialized firms. The $35 million advertizing campaign, which is supposed to lead to broader one, starts on Sunday.Main target of the campaign are customers of Bank of America who are living in retirement are who are about to approach it. First campaign is focusing on individual retirement account, second, bigger one focuses on general retirement needs. "When you look at the size of the mass market, they are facing tremendous complexity in solving their life needs. We want to help them define the problems and address them," said Carney. He hopes, that customers realize that company is a choice for them in a marketplace. Bank of the America would like to increase the number of retirement assets not only thanks to their traditional products. They came with estate and wealth transfer and trust services too. "Most people under the age of 35 probably do not see a bank in the same way that they may see a Vanguard or some institution like that. The challenge that banks continue to face is trying to get people who are happy where they are to move their stuff," said Scott MacDonald, the head of the Southwest Graduate School of Banking Foundation at Southern Methodist University in Dallas.

by Lucia Mitrova for PocketNews (http://pocketnews.tv)

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posted by Blog TechSource @ 3:51 PM