Bank of America launched a $35 million advertising campaign this past weekend that will continue into the second quarter of next year, that highlights its retirement programs and ability to provide clear, understandable individual retirement account (IRA) solutions.
It is BoA’s first campaign to focus on its retirement capabilities and will be followed by a second campaign next year to highlight other capabilities at the bank.
“Americans’ retirement needs are continuing to intensify due to longer life expectancy, rising healthcare costs and the lack of comprehensive, readily accessible guidance,” said Jeff Carney, president of BoA’s Retirement and Global Wealth and Investment Management Client Solutions. “This initial campaign is intended to demystify for customers one key solution area—the world of IRAs—and help create a better understanding of retirement solutions overall, which Bank of America is extremely well equipped to provide.”
Carney added: “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.”
Hill Holliday helped design the campaign.
Financial services companies haven’t done a good job of tapping the Baby Boomer retirement services market, Adam Broun, a principal with Deloitte Consulting, told the Associated Press. “Banks must create new and innovative products. There’s more to serving the retirement market than offering a 401(k),” he said.