NAR developing ‘financial wellness’ program for Realtors
CHICAGO – Nov. 15, 2017 – Nearly nine in 10 Realtors® are independent contractors without access to traditional employer-provided benefits, such as retirement savings plans. To help Realtors reach their retirement savings goals, the National Association of Realtors (NAR) selected Bank of America Merrill Lynch to develop a financial wellness program with customized benefits to members who participate.
While the age and business activity of NAR’s membership varies, the Realtors’ median gross income in 2016 was $42,500, but 43 percent aren’t saving for retirement and only 30 percent own investment properties.
“Despite finding great success in their careers, far too many real estate professionals are falling short with their retirement savings goals,” said 2017 NAR President Bill Brown. “I’m incredibly excited about this opportunity with Bank of America Merrill Lynch, and I think it’s going to offer tremendous benefit for our members.”
As part of the Realtor Benefits Program, the financial wellness program will provide personalized financial education services, as well as online resources and financial workshops. The program will help assess financial wellness delivering a multi-channel program designed to assist NAR members achieve their financial goals based on age, life stage and needs.
“NAR does so much to help homebuyers overcome financial challenges to achieve their dreams, so I made it a priority to help our members build a sustainable financial plan to carry them through slower sales years and into their retirement,” said Brown. “This is a positive step toward making sure our members are on strong financial footing.”
Additional information about the Bank of America Merrill Lynch program being developed for Realtors® will soon be available at nar.realtor/RealtorBenefits.