The consulting services will address defined contribution plans, which include 401(k), ERISA, 403(b), profit sharing and money purchase plans, says On Wall Street report.
Through the services, the bank intends to offer the plan sponsor clients menu design, due diligence and investment option recommendations and work to monitor those investments as a fiduciary.
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The firm also plans to help its plan sponsors educate participants on the 401(k) and defined benefit plans they participate in.
The new services will become available this year and next year to institutional clients US$25 million or more in defined contribution plan assets.
"We feel like the market is extremely demanding for these types of services," On Wall Street quoted Steve Ulian, head of institutional retirement relationship management for Bank of America Merrill Lynch as saying. "Our estimate is that the market is approximately US$1.2 trillion of defined contribution assets that are actively seeking these types of services."
The financial services will also launching a new accreditation for select advisors who want to become more specialized in these services.
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By GlobalDataAccording to Kevin Crain, head of institutional retirement and benefit services at Bank of America Merrill Lynch, the number of advisors who will go through the training in this first year will probably range from 30 to 50.
