NEW YORK: Morgan Stanley and Bank of America Corp are expanding the employee-benefits services they offer, hoping to gain market share in the dull-but-reliable business of managing wealth for companies and employees.
Meanwhile, Bank of America has focused on retirement services, with significant growth in its 401s and health service accounts businesses. However, the business has become more competitive in recent years. Fidelity, Vanguard and TIAA are consistently ranked as the top three employee-benefits providers, and Charles Schwab Corp and E*Trade Financial Corp have substantial stock plan businesses.
Bank of America believes it can pick up clients left behind by JPMorgan Chase & Co and Wells Fargo & Co , which both quit the 401 business in recent years. Executives predict that, over the next decade, they can turn hundreds of thousands of employees into customers of the firm's robo-adviser or its full-service brokerage.
Bank of America's strategy to market a full suite of employee benefit products, including 401s, equity compensation plans and health savings accounts, to existing clients in other parts of the bank also makes it money now.
Source: News Formal (newsformal.com)
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