CHICAGO (November 4, 2017) — Nearly nine in 10 Realtors® are independent contractors of their real estate firms and typically don't have access to traditional employer-provided benefits, such as retirement savings plans. To help Realtors® better secure their financial futures and reach their retirement savings goals, the National Association of Realtors® has 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 median gross income of Realtors® in 2016 was $42,500; 43 percent are not saving for retirement and only 30 percent own investment properties. Upon assuming office, 2017 NAR President Bill Brown pledged to help Realtors® take charge of their financial lives and develop new education and resources for wealth building, business planning and investing in real estate.
“Despite finding great success in their careers, far too many real estate professionals are falling short with their retirement savings goals,” said Brown, a Realtor® from Alamo, California and founder of Investment Properties, a division of his family real estate business. “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 Realtors® with 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.”
In 2016, NAR launched the eight-hour course Real Estate Investing: Build Wealth Representing Investors and Becoming One Yourself, which offers strategies to help members with smart practices for investing. The association plans to identify and roll out additional member programs, tools and services to promote financial wellness and wealth building.
Additional information about the Bank of America Merrill Lynch program being developed for Realtors® will soon be available at www.nar.realtor/RealtorBenefits.
The REALTOR Benefits® Program is the official member benefits program of the National Association of Realtors®, connecting members with discounts and unique offers on products and services just for Realtors® from more than 30 companies recognized as leaders in their respective industries.
The National Association of Realtors®, “The Voice for Real Estate,” is America's largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.
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