The National Association of Realtors has appointed Bank of America Merrill Lynch to create a financial wellness program for the 9 out of 10 Realtors who are independent contractors of their real estate firms.
NAR data shows that only 43% of its members are saving for retirement and just 30% 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 NAR 2017 president Bill E. 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."
Brown, who is a real estate agent but also founder of real estate investment business Investment Properties, pledged to tackle the issue of Realtors’ finances when he came to office.
He says that while the association’s members help homebuyers to overcome financial challenges and own a home, they are too often lacking in the financial security that they need.
The wellness program will offer members customized benefits and advice to focus on individual real estate agent’s financial goals.
More market update:
A new program aims to help real estate agents focus on their finances to ensure a better future.