Bank of America Corp. (BofA) has revealed its plans to invest $35 million in an advertising campaign this weekend as a way of boosting and marketing its business.
The firm is currently facing stiff competition from other specialized firms and the advertising campaign which starts off on Sunday is targeted at the nearly 16 million Bank of America customers approaching or living in retirement.
Americas' retirement needs are continuing to intensify due to longer life expectancy, rising health care costs and the lack of comprehensive, rapidly accessible guidance, said Jeff Carney, president of Bank of America's Retirement and Global Wealth and Investment management Client Solutions.
Bank of America already has $91 billion in retirement assets under management.
Carney said the campaign is a starting point for consumers to realize that BofA is a viable choice for them in the marketplace.
We think we do a good enough job helping people manage their money today, Carney said. We can help them manage their money for tomorrow.