How Merrill and Bank of America Private Bank Empower Women to Make a Mark

August 27, 2024

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Over the next decade, $30 trillion in US wealth is expected to be transferred to women[1]. We also know women are increasingly more likely to lead their families’ financial decision-making[2]. At Merrill and Bank of America Private Bank, we are dedicated to investing in women and fostering a culture where female talent and clients can seize this opportunity and thrive. This commitment is reflected in our recruitment and talent development strategies, best-in-class educational programming and resources, and global initiatives supporting women around the world.

Investing in Women in the Workplace

A diverse workforce is vital to our success and our clients’. Merrill and Bank of America Private Bank provide robust training and development programs to help women grow and advance their careers. Bank of America’s internal networks, like the Women’s Leadership Council and Women’s Employee Network, help women expand their connections and learn from others in the field. We see the impact of investing in women every day. Bank of America’s global workforce is 50% women, and 38% of our board of directors are women[3].

Enhancing Women’s Financial Lives through Training and Mentorship

Only 28% of women feel empowered to take action with their finances[4]. Financial literacy and education are key to financial empowerment. Merrill and Bank of America Private Bank offer workshops, seminars and one-on-one coaching sessions to help women better understand and steer their financial futures. Merrill recently launched #WomenInvested, a video series offering tips and insights to help women pursue their financial goals. Bank of America also provides enterprise-wide mentorship programs to help women navigate their careers.

Unlocking Access to Capital and Philanthropic Support

Women entrepreneurs often face challenges accessing the capital and resources they need to build and grow their businesses. Bank of America Private Bank provides financing solutions women business owners can use to start and scale their companies, and Bank of America Private Bank and Merrill offer specialized expertise to support the wealth planning needs of entrepreneurs. Bank of America partnered with Tory Burch to create The Tory Burch and Bank of America Capital Program, which provided over $100 million in loans to women-owned businesses. Through our partnership, we also offer free online educational resources for women entrepreneurs.

Building a Better Financial Future for Women

Alongside The Great Wealth Transfer, Merrill and Bank of America Private Bank are dedicated to meeting the unique investing and wealth management needs of women. Our teams offer personalized advice and solutions that help women align their financial goals and values. Bank of America Private Bank and Merrill advisors work closely with women to develop strategies that ensure their financial well-being, whether it’s planning for retirement, investing in education, or supporting philanthropic endeavors.

Empowering Women Globally

Our global initiatives are designed to help women in developing countries overcome barriers and achieve financial independence. For example, Bank of America’s partnership with Vital Voices supports programs improving financial inclusion for women in emerging markets through access to banking services, financial education, and entrepreneurial support. Bank of America’s own charitable foundations support programs addressing critical women’s issues across education, healthcare, and economic empowerment.

Our investment in women at Merrill and Bank of America Private Bank is rooted in Bank of America’s mission to help make all financial lives better. We are committed to making a meaningful difference in the lives of women everywhere.