Bank of America Launches Employee Training to Focus on Customers’ Key Life Stages

As part of its customer-focused strategy to drive responsible growth, Bank of America is changing how its employees work with clients, based on personalized needs at each stage of their lives. To foster deeper relationship-building, the bank has launched Lifestage Navigation, a learning curriculum that will help employees personalize each client’s experience by focusing on six key life stages: early adulthood, parenting, caregiving, retirement, widowhood, and end of life/legacy. These key life stages were identified through input from more than 50,000 survey respondents.

Through The Academy for Consumer and Small Business, tens of thousands of the bank’s employees across the U.S. will participate in a curriculum developed in partnership with Age Wave under the leadership of Founder and CEO Dr. Ken Dychtwald. The learning course was created from the output of studies and survey data with more than 70,000 hours of work by dozens of researchers, behavioral finance experts, psychologists, economists and instructional designers. The nine-hour curriculum uses groundbreaking and proprietary insights, empathy training, and a spectrum of techniques to help employees better relate to and uncover specific planning needs unique to each client, and will become part of the core elements of the overall training program for employees.

“Our business is based on client relationships, and through Lifestage Navigation training, our employees will gain a deeper understanding and heightened empathy for the events that shape our clients’ lives,” said John Jordan, head of The Academy for Consumer and Small Business. “By transforming how our workforce interacts with clients, we will be far better at creating and deepening long-term relationships with our clients and customers.”

“We set out several years ago to create a truly client-centric training program for financial professionals that focused on people, not products. The era of one-size-fits-all is over: a couple expecting their first child has an entirely different spectrum of hopes and fears than the newly retired about to relocate to the lifestyle of their dreams,” said Dr. Ken Dychtwald. “Through the Lifestage Navigation learning program, Bank of America employees will learn how to provide their clients customized attention and care to help them plan for and meet their needs at every stage of life.”

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