Preferred Rewards
What are three of the different categories of Lifestyle benefits offered through the Preferred Rewards Program?
Diamond and Diamond Honors tier members receive exclusive access/savings on travel, automobile, food & wine, style & design, sports & fitness, and wellness.
Name five Life Plan objectives that a FSA can help with
Plan for retirement
Payoff student loans
Donate to charity
Save for a large purchase
Improve credit
Start a new job
Manage job loss
Give back
Budget and start saving
Buy a home
Give money as a gift
Live together
Take care of loved ones
Make estate plans
Renovate
Buy a car
Cover health care costs
Get married
Save for education
Travel
Welcome a child
Where would you have your Advisors navigate to in order to identify their upcoming managed reviews with no DDA?
Portfolio View
What are two tools you should use when presenting the Preferred Rewards Program?
The Preferred Rewards Slider Tool & The Preferred Rewards Conversation Guide
Name three Life Plan objectives that could be referred to your BSA/CSA
Buy a home
Refinance
Start a business
Pay off Student Loans
Improve Credit
Rent
What are the three requirements for Preferred Rewards Early Enrollment?
#1 Must be opening their first new Bank of America checking account or have not had an active Bank of America checking account for 12+ months
#2 Must consent to enroll in the program
#3 Must be funded at a minimum of $20,000 between all eligible accounts withing 30 calendar days of opening to be eligible for systematic enrollment
Name three accounts that do not count towards the combine three-month average daily balances
Accounts, for which the client is not the owner or co-owner:
Business and commercial accounts
Employee benefit plans (such as 401k)
Trust accounts when the Tax Identification Number (TIN) is not the clients Social Security Number
Annuities
None-personal accounts with a status of anything other than open and active
Balances in Irrevocable Trust accounts
Name the four steps you would need to follow to get credit for a Life Plan enrollment
#1 Sign client into SSA
#2 FSA calls client to office
#3 FSA authenticates the client
#4 FSA must end session once meeting is complete
What are the four different offers a FSA can stack to maximize a clients cash offers?
CMA, IRA, DDA, and Savings
What are two unique discounts for Preferred Rewards for Business that are not offered in the Preferred Rewards program?
Merchant Services
Payroll Services
Who is NOT eligible for a Life Plan?
Life Plan is not available to Merrill Lynch Wealth Management clients or Private Bank clients
If a client stacks and maximizes all four of their cash offers, how much would they total payout equate to?
CMA $1000, IRA $1000, DDA $200, and Savings $750 for a total of $2950