Bank of America Merrill Lynch and the Wharton School have been asking a lot of the same questions: What do Millennial investors want? How can financial advisors best serve the needs of Baby Boomers, who are redefining what it means to be retired? The U.S. population is aging; what are the issues we face, and how should we address them? Through close collaboration with Wharton Social Impact Initiative and the Pension Research Council, Bank of America Merrill Lynch is teaming up with Wharton to answer these questions.
Wharton Social Impact Initiative
Millennial investors, who are poised to inherit roughly $30 trillion in assets in the coming decades, are not just looking for returns; they are interested in the social impact of their investments. Wharton Social Impact Initiative and Bank of America Merrill Lynch share a focus on Impact Investing — the pursuit of a positive social or environmental impact alongside financial returns. In addition to pursuing cutting-edge impact investing research, Wharton Social Impact Initiative convenes students from top business schools around the world through the MBA Impact Investing Network and Training program (MIINT). As a key corporate partner, Bank of America Merrill Lynch provides annual funding for MIINT, and its executives serve as mentors to the next generation of impact investing professionals through training modules during the year and as judges for the final “pitch” competition.
The Pension Research Council
Bank of America Merrill Lynch’s Baby Boomer clients are looking at retirement in entirely new ways. And as they age, they are confronting health challenges that can affect their financial security. The company wants to make sure their financial advisors are prepared to have more holistic conversations with Baby Boomer clients that serve their present and future needs. As a member of Wharton’s Pension Research Council, Bank of America Merrill Lynch helps to shape the agenda for research and thought leadership on current topics like aging and financial decision-making, the future of retirement systems, and financial regulation. Pension Research Council Executive Director and Wharton Professor Olivia S. Mitchell has shared the Center’s findings with Bank of America Merrill Lynch executives and clients as they seek a deeper understanding of the investor mindset, especially with regard to financial literacy.
For Surya Kolluri, Managing Director at Bank of America Merrill Lynch, Wharton’s research strengths in impact investing and retirement issues make the School an ideal partner: “Our work with Wharton helps us to look far into the future, to ensure that we’re making the decisions today that will position our clients and our company for success in the long run.”