#Women Invested Tips

How to make longevity your best financial asset

Please read important information at the end of this program.  Recorded on 11/10/2022.

Jen Auerbach-Rodriguez:

So women, we know live longer. We know that living longer comes with tons of blessings. 

[LOWER 3^rd]

Jen Auerbach-Rodriguez

Head of Strategic Growth Markets

Merrill Lynch Wealth Management

But it also comes with perhaps a nuanced perspective on how one needs to think about what longevity means for their financial plan. So, can you share a little bit about how your roadmap changes when you're a woman?

Marci McGregor:

Yeah, so listen, and the roadmap changes as life changes.

[LOWER 3^rd]

Marci McGregor

Head of CIO Portfolio Strategy, Chief Investment Office

Merrill and Bank of America Private Bank

It's important to check in on it every once in a while, even though it's a long-term plan.

[LOWER 3^rd]

Marci McGregor

Provides investment guidance and portfolio positioning;

Appears regularly on CNBC and Bloomberg TV

But I think in the financial world, we often spin longevity as a challenge. Women live longer lives, that may mean higher healthcare costs. It means a longer care period at the end of your life. Women also face very real challenges, like the pay gap. Women are also more often caretakers. So, that may mean taking the off ramp from your professional life.

These have very real implications for your retirement savings, your lifetime retirement savings.

But I'd rather spin this and put it right on its head and say, longevity is your best asset as an investor, because what we know is trying to time the markets, the ins and outs, the peaks and valleys is a fool's errand.  It's the time you spend in the market. So, with longer lifespans, with longevity, I say invest early, be disciplined because longevity and a longer time horizon can be your best asset as an investor.

Jen Auerbach-Rodriguez:

Ah, so well said. I love that.  

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Bank of America logo

Important Disclosures

Opinions are as of the date of this video and are subject to change.

Investing involves risk, including the possible loss of principal. Past performance is no guarantee of future results.

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker‐dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.

Merrill Private Wealth Management is a division of MLPF&S that offers a broad array of personalized wealth management products and services. Both brokerage and investment advisory services (including financial planning) are offered by the Private Wealth Advisors through MLPF&S. The nature and degree of advice and assistance provided, the fees charged, and client rights and Merrill’s obligations will differ among these services. Investments involve risk, including the possible lo ss of principal investment.

The banking, credit and trust services sold by the Private Wealth Advisors are offered by licensed banks and trust companies, including Bank of America, N.A., Member FDIC and other affiliated banks.

Investment products:

© 2023 Bank of America Corporation. All rights reserved. 5416330 -- 02/2023

#Women Invested Tips

Ways to stay resilient during career ups and downs

Please read important information at the end of this program.  Recorded on 11/10/2022.

Jen Auerbach-Rodriguez:

Susan, you've had an illustrious career. 

[LOWER 3^rd]

Jen Auerbach-Rodriguez

Head of Strategic Growth Markets

Merrill Lynch Wealth Management

On the public side, the private side, regulator for 30 years, lawyer by trade. So, I want to talk about careers. How do you even think about a career path? How have you had the career that you've had?

Susan Axelrod:

Well, thank you and I'm so excited to be here with you too, Jen.

[LOWER 3^rd]

Susan Axelrod

Broker-Dealer Compliance Oversight Executive

Global Compliance and Operational Risk, Bank of America

I would say, like many people, I didn't plan out any part of my career. It just kind of happened. But I've definitely learned a lot of lessons along the way and the best laid plans often don't happen the right way.

[LOWER 3^rd]

Susan Axelrod

Overseas regulatory, financial and reputational risk;

Former Executive VP at FINRA (Financial Industry Regulatory Authority)

One of the things that I've learned is everyone has bumps in their careers. Everyone has a little bit of a misstep, and resiliency is one of the most important things and one of the most important lessons that I've taken away from all of that.

Jen Auerbach-Rodriguez:

So I want to talk about resiliency. It is a great concept. What are your strategies for coping with or navigating the downs in a career?

Susan Axelrod:

So, a couple things. People just kind of sometimes want to go off and get really upset and really emotional. And I can't say I'm above that, and I've done that.  But I've also learned that there's a lot of learnings that can happen from the bumps along the way. And learning, digesting, being teachable or coachable really helps you get to the next level.

I've also learned that a successful career isn't just an upward trajectory all the time. And that sometimes lateral moves, where you learn a different skill or a different substantive information or content, can really help you advance.

But I think also just being open-minded, right? So learning, digesting, thinking about who you work for, thinking about the new skills to acquire and are you intellectually growing and learning.  All those things really matter.

Merrill logo

Bank of America logo

Important Disclosures

Opinions are as of the date of this video and are subject to change.

Investing involves risk, including the possible loss of principal. Past performance is no guarantee of future results.

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker‐dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.

Merrill Private Wealth Management is a division of MLPF&S that offers a broad array of personalized wealth management products and services. Both brokerage and investment advisory services (including financial planning) are offered by the Private Wealth Advisors through MLPF&S. The nature and degree of advice and assistance provided, the fees charged, and client rights and Merrill’s obligations will differ among these services. Investments involve risk, including the possible lo ss of principal investment.

The banking, credit and trust services sold by the Private Wealth Advisors are offered by licensed banks and trust companies, including Bank of America, N.A., Member FDIC and other affiliated banks.

Investment products:

© 2023 Bank of America Corporation. All rights reserved. 5416321 – 01/2023

#Women Invested Tips

Getting ahead of the gender pay gap

Please read important information at the end of this program.  Recorded on 11/10/2022.

Jen Auerbach-Rodriguez:

Lauren, it’s so great to have you.  Thanks for being here. 

[LOWER 3^rd]

Jen Auerbach-Rodriguez

Head of Strategic Growth Markets

Merrill Lynch Wealth Management

Let's go back to your younger self. What would she have benefited from hearing from her older self?

Lauren Sanfilippo:

Yeah, I think an important conversation for young women, right, is the gender pay gap.

[LOWER 3^rd]

Lauren Sanfilippo

Senior Investment Strategist, Chief Investment Office

Merrill and Bank of America Private Bank

So, along the way to retirement, unfortunately women tend to be paid less than men. I think there's a couple good things though. 

[LOWER 3^rd]

Lauren Sanfilippo

Provides regular analysis of global economic

and thematic market trends

In terms of savings and investing, it's pretty important number one, to keep a good handle on your fixed expenses. Budgets matter. I think another thing is, take advantage of what your employer is offering. Will an employer do some sort of 401(k) retirement plan match? The fact that there are limits tells you that that's probably a good deal and it's something that you should educate yourself on.

And I also think lastly, there are other employee, sort of employer opportunities, such as Health Savings Accounts. It's a nice way to sort of supplement those expenses, just related to any medical expense that could come up in the year. So, I think there are small ways to incrementally get ahead.

And of course, really the big one here would be to start early on investing because we know the peril of waiting, right. It's about time in the market and we want to think about that compounding.  All of those sort of points are very important for young investors.

Jen Auerbach-Rodriguez:

I love that. I think this idea of knowing what's coming in, knowing what's going out, and then having a really clear picture of what then is left over to put to work in investing, to treat yourself every once in a while, and perhaps even do things philanthropically.

Merrill logo

Bank of America logo

Important Disclosures

Opinions are as of the date of this video and are subject to change.

Investing involves risk, including the possible loss of principal. Past performance is no guarantee of future results.

Bank of America, Merrill, their affiliates, and advisors do not provide legal, tax or accounting advice. Clients should consult their legal and/or tax advisors before making any financial decisions.

This material is designed to provide general information and is for discussion purposes only. It should be regarded as general information on health care considerations and is not intended to provide specific health care advice. If you have questions regarding your particular health care situation, please contact your health care, legal or tax advisor. Contact your employer eligibility requirements and for a description of eligible expenses actually covered under your Health Savings Account (HSA). Your employer may limit the scope of expenses covered under the HSA.

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker‐dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.

Merrill Private Wealth Management is a division of MLPF&S that offers a broad array of personalized wealth management products and services. Both brokerage and investment advisory services (including financial planning) are offered by the Private Wealth Advisors through MLPF&S. The nature and degree of advice and assistance provided, the fees charged, and client rights and Merrill’s obligations will differ among these services. Investments involve risk, including the possible lo ss of principal investment.

The banking, credit and trust services sold by the Private Wealth Advisors are offered by licensed banks and trust companies, including Bank of America, N.A., Member FDIC and other affiliated banks.

Investment products:

#Women Invested Tips

Planning a career change?  This tip could help

Please read important information at the end of this program.  Recorded on 8/05/2022.

Jen Auerbach-Rodriguez:

[LOWER 3^rd]

Jen Auerbach-Rodriguez

Head of Strategic Growth Markets

Merrill Lynch Wealth Management

Lindsay, I've heard you say previously that you've had the benefit of taking career risks. And the reason why is because you cited financial independence, something that you learned from a young age, from your parents, the way you grew up, always something that was brought up at the dinner table. And so help connect these dots between career risks and financial independence.

Lindsay Hans:

Great question. The save for the rainy day was very much instilled.

[LOWER 3^rd]

Lindsay Hans

Northeast Division Executive

Merrill Lynch Wealth Management

I actually wrote my college essay on a book about that. And as I think about how that's played out over my career over the last 20 years,

[LOWER 3^rd]

Lindsay Hans

Leads a team of over 3,600 employees in 15 geographic markets

When I think about points where I felt that it might be time to make a change -- could be a lateral role, could be a role that was more junior, could be just stepping into completely something different -- one of the common threads was that at the time of that inflection point, I wasn't living beyond my means and I was building a savings.

And then the risk part of when those inflection moments came with bigger professional opportunities that inevitably are scary, at least in the beginning, thinking about, “Okay, what is the worst that could happen? And if that were to happen, then on a base level, am I going to be able to sustain my lifestyle until I find another opportunity that might be more well suited?”

And that's the connection point, I think, of financial freedom and career and risk.

Jen Auerbach-Rodriguez:

Lindsay, what a great point. Thank you.

Important Disclosures

Opinions are as of the date of this video and are subject to change.

Investing involves risk, including the possible loss of principal. Past performance is no guarantee of future results.

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker‐dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.

Merrill Private Wealth Management is a division of MLPF&S that offers a broad array of personalized wealth management products and services. Both brokerage and investment advisory services (including financial planning) are offered by the Private Wealth Advisors through MLPF&S. The nature and degree of advice and assistance provided, the fees charged, and client rights and Merrill’s obligations will differ among these services. Investments involve risk, including the possible lo ss of principal investment.

The banking, credit and trust services sold by the Private Wealth Advisors are offered by licensed banks and trust companies, including Bank of America, N.A., Member FDIC and other affiliated banks.

Investment products:

© 2022 Bank of America Corporation. All rights reserved. – 5048833 10/2022

#Women Invested Tips

Talking with your partner about money

Please read important information at the end of this program.  Recorded on 8/05/2022.

Jen Auerbach-Rodriguez:

[LOWER 3^rd]

Jen Auerbach-Rodriguez

Head of Strategic Growth Markets

Merrill Lynch Wealth Management

Lindsay, I want to talk about how do you have a conversation about money with your partner, with your spouse and what are the ways in which you can kind of thoughtfully engage your partner or your soon-to-be partner on this topic?

Lindsay Hans:

[LOWER 3^rd]

Lindsay Hans

Northeast Division Executive

Merrill Lynch Wealth Management

I think it's a great question and something we probably should be talking about more. We've all been raised differently and we all have different introductions to money as children.

[LOWER 3^rd]

Lindsay Hans

Leads a team of over 3,600 employees in 15 geographic markets

Nothing is right or wrong, just we’re shaped by that. And that has impacted our worldview about something really important, like money.

And then all of a sudden, a partnership with another person, it becomes quite clear that oftentimes those values could be different. And so like most things, to avoid later conflict, it starts with communication and being able to talk about, you know, “How were you raised? Did you talk about money in your family? How … what were spending patterns like? Were you given an allowance? Did you work when you were younger?”

And having these questions with your partner, I think start to really unpack why we think the way we do, and then over time trying to come to a compromise or some type of middle ground and knowing what our blind spots could be as two people come together.

Jen Auerbach-Rodriguez:

One of my favorite sort of frameworks is, “it's mine, it's yours and then what's ours.” Can you share a little bit about applying that kind of a framework to thinking about what it means to bring your finances together with another person?

Lindsay Hans:

Well, I think it's really important to think about financial independence, whether we are single or in a partnership, because we can't always predict what the future holds. And I do believe that we individually can have financial independence and be in a partnership on a practical level where finances could be combined. You could call it, preparing for a rainy day, preparing for the unknown. And that has shaped the way I think about it.

Jen Auerbach-Rodriguez:

I love that.

Important Disclosures

Opinions are as of the date of this video and are subject to change.

Investing involves risk, including the possible loss of principal. Past performance is no guarantee of future results.

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker‐dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.

Merrill Private Wealth Management is a division of MLPF&S that offers a broad array of personalized wealth management products and services. Both brokerage and investment advisory services (including financial planning) are offered by the Private Wealth Advisors through MLPF&S. The nature and degree of advice and assistance provided, the fees charged, and client rights and Merrill’s obligations will differ among these services. Investments involve risk, including the possible lo ss of principal investment.

The banking, credit and trust services sold by the Private Wealth Advisors are offered by licensed banks and trust companies, including Bank of America, N.A., Member FDIC and other affiliated banks.

Investment products:

© 2022 Bank of America Corporation. All rights reserved. - 5048835 - 10/2022

#Women Invested Tips

How to ask your boss for a raise

Please read important information at the end of this program.  Recorded on 8/05/2022.

Jen Auerbach-Rodriguez:

[LOWER 3^rd]

Jen Auerbach-Rodriguez

Head of Strategic Growth Markets

Merrill Lynch Wealth Management

Savita, we want to talk about all things that are on women's minds, including careers.  What are your thoughts and what would you give advice on to younger women who are maybe entering the workforce, thinking about what the next step is in their career in terms of salary, compensation, asking for more?

Savita Subramanian:

[LOWER 3^rd]

Savita Subramanian

Head of U.S. Equity & Quantitative Strategy and Head of ESG Research

BofA Global Research

Yes. I think that's the critical issue is that women historically have not felt as comfortable talking about money. I'm sure there's a great anthropological explanation for this, but I think it's doing us a disservice and I've realized this in my own career.

[LOWER 3^rd]

Savita Subramanian

Institutional Investor 2021 “all-star analyst”

One of Barron’s 100 Most Influential Women in U.S. Finance

I spent my first few years just really working hard and keeping my head down and thinking I will be rewarded for all of this. And I don't think that's the way we should approach compensation. I think we should take an active role in advocating for ourselves.

And it involves a lot of unpleasant tasks, the first of which is getting comfortable talking about money. And I think that you can do this in a way that's not obnoxious, but if you find out your self-worth, you can go into your manager's office and say, "The going rate for what I do is X. I'm making X minus Y.  What do I do to get to X?"

So know your worth and figure out what your friends are making that are doing similar jobs. Get comfortable talking about money. I even did things like standing in front of a mirror and rehearsing the conversation I would have with my boss, just to be able to articulate it and kind of get comfortable saying these words.

And I think that at some level, if you don't talk about it and if you don't seem to care about it, then you may not be rewarded for all the great work that you're doing and all of the things that you're doing that are value added for the firm. So be your own advocate and start having those difficult conversations. They're not that hard. The more you do it, the easier it gets.

Jen Auerbach-Rodriguez:

I think that's the key, it's practicing. And I love your idea to even rehearse it in the mirror so that you can like feel comfortable using these words. And it's true.

Savita Subramanian:

Right. Exactly. You need to internalize it and just be able to perform in a setting that might not be the most comfortable for you.

Jen Auerbach-Rodriguez:

That's great. Such good advice, Savita. Thank you.

Important Disclosures

Opinions are as of the date of this video and are subject to change.

Investing involves risk, including the possible loss of principal. Past performance is no guarantee of future results.

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker‐dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.

Merrill Private Wealth Management is a division of MLPF&S that offers a broad array of personalized wealth management products and services. Both brokerage and investment advisory services (including financial planning) are offered by the Private Wealth Advisors through MLPF&S. The nature and degree of advice and assistance provided, the fees charged, and client rights and Merrill’s obligations will differ among these services. Investments involve risk, including the possible lo ss of principal investment.

The banking, credit and trust services sold by the Private Wealth Advisors are offered by licensed banks and trust companies, including Bank of America, N.A., Member FDIC and other affiliated banks.

Investment products:

© 2022 Bank of America Corporation. All rights reserved. 5048841 - 10/2022

#Women Invested Tips

Teaching your kids about investing

Please read important information at the end of this program.  Recorded on 8/05/2022.

Jen Auerbach-Rodriguez:

[LOWER 3^rd]

Jen Auerbach-Rodriguez

Head of Strategic Growth Markets

Merrill Lynch Wealth Management

Savita, thanks for being here. I just want to jump right in.

Savita Subramanian:

Sure. It's great to be here as well, Jen.

Jen Auerbach-Rodriguez:

So in all your years studying the markets, how do you think about teaching some of the basics to your children?

Savita Subramanian:

[LOWER 3^rd]

Savita Subramanian

Head of U.S. Equity & Quantitative Strategy and Head of ESG Research

BofA Global Research

Yeah, so we've actually embarked on this recently and all of my children have accounts where they select securities.

[LOWER 3^rd]

Savita Subramanian

Institutional Investor 2021 “all-star analyst”

One of Barron’s 100 Most Influential Women in U.S. Finance

One of my children is an expert in gaming and my daughter is an expert in fashion and they have picked companies that they know well and they've made good investment decisions. And it really just took the confidence of starting.

Now, obviously they haven't done just perfectly and they've lost a little money here and there. And I think what we've taught our children is time is on your side. Don't get too panicky if the stock that you picked goes down the next day.  And really just pay attention to what's changing in the world around you rather than what's changing in your portfolio's returns.

Jen Auerbach-Rodriguez:

Thank you, Savita.

Important Disclosures

Opinions are as of the date of this video and are subject to change.

Investing involves risk, including the possible loss of principal. Past performance is no guarantee of future results.

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker‐dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.

Merrill Private Wealth Management is a division of MLPF&S that offers a broad array of personalized wealth management products and services. Both brokerage and investment advisory services (including financial planning) are offered by the Private Wealth Advisors through MLPF&S. The nature and degree of advice and assistance provided, the fees charged, and client rights and Merrill’s obligations will differ among these services. Investments involve risk, including the possible lo ss of principal investment.

The banking, credit and trust services sold by the Private Wealth Advisors are offered by licensed banks and trust companies, including Bank of America, N.A., Member FDIC and other affiliated banks.

Investment products:

© 2022 Bank of America Corporation. All rights reserved. 5048844 - 10/2022