Bank of America ramps up retirement services

August 12, 2010 | By Jim Kim

The financial services industry has been talking for the longest time about the wave of retiring boomers, and how this group will transform financial services. It's one of those perpetual trends that can't be ignored but seems tired all the same. Bank of America Merrill Lynch (NYSE: BAC) apparently wants to breath new life into its retirement services efforts.

Sallie Krawcheck (Sallie Krawcheck news) has put a new management team in place, a team rounded out by the addition of former Putnam Investments executive David Tyrie last week as head of the personal retirement solutions unit, as reported by Reuters.

As of now, no bank seems to have developed a truly magic bullet for winning over this crowd. But there would appear to be room for lots of creativity when it comes to gaining retirement assets. We'll have to see what the big consumer bellwether bank comes up with. Technology and access to various credit and other services would appear to be key. You can bet that all banks are wondering what they can do to attract more of these accounts.

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