Bank of America 2007 Annual Report Download - page 29

See important disclosures on page 176.
GETTING READY FOR LIFE
AFTER WORK
Every client is unique. That is why
Premier Banking & Investments
asks clients, “What are your goals,
and how can Bank of America
help you achieve them?” For
Mark Marich, president and owner of Northeast
Orthotics and Prosthetics in Providence, Rhode
Island, the financial priorities are preparing for
life after work and overseeing a retirement plan
for his employees.
Marich, 56, who lost a leg in a car accident,
founded his business in 1985. Since then, his
company has helped fit thousands of patients
with prosthetic limbs and orthotic devices.
“Several financial institutions managed our
company’s pension plan over the years, but
I never trusted they had our best interests in
mind,” he said. “Then a friend referred me to
Bank of America, and my opinion changed.”
Today, Marich is served by professionals
at Premier Banking and Banc of America
Investment Services, Inc. (BAI). “My BAI finan-
cial advisor developed a corporate retirement
plan designed for our long-term goals. He
also spent time understanding my own goals
for the future, including my plans for the
business after retirement. Then he developed
a personal retirement strategy for me that
will help me meet my family’s needs.”
Following a complete net worth analysis,
Marich’s advisor leveraged a range of capabilities
and resources at Bank of America and its
affiliates to help Marich implement his retirement
plan. These included IRAs for Marich and his
wife and a variety of investment vehicles to help
diversify his portfolio. In addition, Marich’s client
manager in Premier Banking helped him utilize
his investment in his house to finance home
renovations through a home equity line of credit.
Now Marich can devote more time to personal
interests, like skiing. “We have a team at Premier
Banking & Investments that serves all of our
banking and investment needs, which really
simplifies our lives,” he said. “Most importantly,
we know they’re committed to doing what’s best
for us and my employees.”
FOR BANK OF AMERICA’S CUSTOMERS, PLANNING FOR RETIREMENT
DOESN’T HAVE TO BE A SECOND CAREER.
Share of
mass affl uent
customer assets
held by banks
About 16 million Bank of America customers are at or near
retirement age. With a range of services across banking and
investing, Bank of America is uniquely positioned to help its
clients realize their dreams for retirement.
“Customers are eager for guidance on how best to plan for
retirement, especially given today’s longer life expectancy and
rising health-care costs,” said Jeff Carney, who joined the bank
in 2007 to lead the company’s comprehensive retirement strategy
for all its customers. “So, when they come to us, they find that
Bank of America has a lot to offer.”
In 2007, Bank of America formed a new organization dedicated
to serving the retirement needs of its customers and growing
the company’s market share of retirement assets. One initial
growth initiative is an IRA acceleration campaign to capture
a larger share of a market segment that is growing at
11 percent per year.
Riding high above the
slopes of Sugarbush
Resort in Warren,
Vermont, with wife
Sharie, entrepreneur
Mark Marich hasn’t let
the loss of a leg slow
him down.
Source: Bank Administration
Institute/Mercatus Retirement
Study, 2007
when banks establish a
retirement relationship
with the customer
46%
when banks do not have
a retirement relationship
with the customer
18%
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Bank of America 2007 2727
Planning for retirement