Bank Of America Launches Digital HSA Platform
Bank of America, headquartered in Charlotte, N.C., has launched a digital platform for health savings accounts (HSAs) to provide its customers with greater access to them.
HSAs have a triple tax advantage: The contributions to them are tax-deductible, which reduces federal income taxes; the assets in an HSA account typically grow tax-free at the federal level; and funds can be withdrawn from them without being taxed by the federal government if the account holder uses them for qualified medical expenses.
The new digital platform includes a seamless integration between online and mobile channels; a bar code scanner to validate qualified medical expenses via mobile devices; targeted messaging, banners and articles to personalize the participant experience; and a new online learning hub to help participants better understand health accounts—a hub that includes calculators, helpful content, testimonials and tips for managing HSA investments.
Bank of America has also introduced enhancements to its health benefit solutions program that include increased fraud monitoring and prevention measures; full integration with Merrill Lynch’s Chief Investment Office (CIO); increased interest rates for customers with an HSA cash balance of more than $7,500; and expanded advisor distribution.
Envestnet Adds Five New Features to Advisor Analytics Tools
Envestnet Inc., a provider of wealth management solutions based in Chicago, has expanded its Envestnet Advisor Analytics platform to include five new features with its suite of tools.
The platform already provides advisors with data-driven insights, risk ratings and access to actionable intelligence in managing client investments.
The five new features are Enterprise Advisor Analytics, which enterprise clients can access through practice-level dashboards; RIA Analytics for independent and ria firms; the RIA Pulse, a live weekly report of curated data; platform integration via widgets; and LifeYield TaxEfficient Score dashboards.
The new offering will be available on Envestnet Intelligence, which is Envestnet’s omni-channel platform. The platform includes desktop, mobile and voice alerting channels. It leverages artificial intelligence and machine learning, natural language processing and an advanced data analytics engine that enables advisors to easily answer key business questions.