Indagare Offers Luxury Travel Experiences to Bank of America Clients

Rhea-AI Summary

Bank of America has launched an exclusive travel program for ultra-high-net-worth clients in partnership with Indagare. This initiative, part of the Preferred Rewards program, offers members unique travel experiences and virtual tours. Clients with at least $10 million in assets can access bespoke trips like private tours in Napa Valley and Paris. Despite inflation challenges, consumer spending, particularly on travel, is booming, demonstrating a robust recovery in leisure activities.

Positive

• Launch of exclusive travel program catering to ultra-high-net-worth clients.
• Partnership with Indagare enhances the Preferred Rewards program.
• Unique travel experiences and virtual tours provide added value to clients.
• Access to exclusive offerings for clients with $10 million or more in assets.

Negative

• None.

Expanded Loyalty Program Provides Ultra High-Net-Worth Clients Access to World-Renowned Locations

NEW YORK, June 21, 2022 /PRNewswire/ -- Bank of America today announced the availability of exclusive travel experiences for ultra-high-net-worth clients through Indagare, a members-only, boutique travel-planning company. The relationship offers clients, including Merrill and Private Bank clients, behind-the-scenes access to unforgettable locations, as well as unique virtual experiences.

"We are always looking for new ways to reward our clients who have built a deep relationship with us," said Andy Sieg, president of Merrill Wealth Management. "Indagare enables us to deliver one-of-a-kind adventures and to take the benefits of Bank of America Preferred Rewards membership to the next level with memorable experiences."

This relationship with Indagare was formed as part of the most recent enhancements to Bank of America's Preferred Rewards program, which has nearly 10 million members and offers benefits and perks based on a client's overall relationship with Bank of America and Merrill. The company recently unveiled two new program tiers for high-net-worth and ultra high-net-worth clients. Indagare travel experiences are available exclusively to Diamond Honors members—clients with $10 million and more across their Bank of America banking and Merrill investing balances. Qualified clients can register for these unique experiences through their Merrill or Private Bank advisor teams, or by visiting the Preferred Rewards page for Diamond and Diamond Honors members.

"Our clients often share their passion for travel with us, and the desire to fill their leisure time in meaningful ways," said Katy Knox, president of The Private Bank. "Through this new relationship, we're helping clients create unforgettable experiences and life-long memories with their families and loved-ones."

According to new data from The Bank of America Institute, despite challenges from higher inflation, households continue to spend at a healthy pace, with spending on services such as travel, leisure and entertainment continuing to grow year-over-year. Growth in airline spending by higher income earnings is particularly strong, up more than 50% year-over-year in May 2022, due to pent-up demand for travel and entertainment services¹.

"We are thrilled to be associated with the category leading Preferred Rewards program to bring these extraordinary travel experiences to Bank of America clients," said Melissa Biggs Bradley, Founder and CEO of Indagare. "Each one has been designed to unlock special access and offer unique perspectives that surprise and delight—and redefine the way we experience the world and our place in it."

Indagare experiences transport Bank of America clients to incredible settings around the world—either in person or virtually. For examples:

• The ultimate Napa Valley trip, a celebration of the very best of the region, including the chance to meet the Harlan family and to tour their renowned properties in their company, over the course of four days —it's an opportunity rarer than a bottle of Harlan Estate 2015, one of the eight Harlan releases to have received a perfect 100-point score from Robert Parker.
• "The Best of Private Paris" offers the chance to see numerous hidden treasures—monuments, private homes, artists' studios, and more—in the company of the owners, designers and tastemakers in charge of overseeing and protecting them. The trip culminates in a stay in a newly renovated historic building at Versailles—the first hotel ever to be located on the grounds of Louis XIV's monumental estate—complete with private tours of rarely visited spaces and gastronomic feasts created by Alain Ducasse.
• An unforgettable discovery of Jordan with an epic private tour of Petra at night (the guests will have this Wonder of the World exclusively to themselves); a tour of the spectacular Jordan Museum with its award-winning architect; a private concert in the ancient Roman amphitheater at Jerash; and more.
• Virtual experiences include an exclusive preview of Charleston's much-anticipated International African American Museum with the museum's CEO; a tour of legendary designer Bunny Williams' Connecticut garden, led by Williams herself; and a tour of Angkor Wat led by the architect preserving the historic site. Each attendee receives an exclusive complimentary gift to accompany the experience.

Indagare 
Indagare is a members-only boutique travel-planning company that inspires and empowers people to change their lives and positively impact the world through travel. The company offers curated content, customized trip-planning and small group trips around personal passions, helping members realize their travel visions by designing unforgettable itineraries and by unlocking behind-the-scenes access and perks they can't find anywhere else—and delivering them in-person and across digital, video, social, print and partnerships. Founded by top travel expert Melissa Biggs Bradley, Indagare leverages its global network to create extraordinary experiences and a lifetime of meaningful journeys for sophisticated travelers, influencers and opinion leaders who crave new experiences and care deeply about how travel shapes their legacy. #howyoutravelmatters For more information, visit indagare.com.

Bank of America   
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 67 million consumer and small business clients with approximately 4,100 retail financial centers, approximately 16,000 ATMs, and award-winning digital banking with approximately 54 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

To enroll in the Preferred Rewards program, you must have an active, eligible personal checking account with Bank of America® and maintain the balance required for one of the balance tiers in your combined qualifying Bank of America deposit accounts (such as checking, savings, certificate of deposit) and/or your Merrill investment accounts (such as Cash Management Accounts, 529 Plans). You can satisfy the combined balance requirement for enrollment with either:  

1. a three-month combined average daily balance in your qualifying deposit and investment accounts or  
2. a current combined balance, provided that you enroll at the time you open your first eligible personal checking account and satisfy the balance requirement at the end of at least one day within 30 days of opening that account.  

You must have a qualifying balance of at least $20,000 for the Gold tier, $50,000 for the Platinum tier, $100,000 for the Platinum Honors tier, $1,000,000 for the Diamond tier and $10,000,000 for the Diamond Honors tier. Bank of America Private Bank clients qualify to enroll in the Diamond tier and may qualify for the Diamond Honors tier based on their qualifying Bank of America, Merrill, and Private Bank balances. Refer to your Personal Schedule of Fees for details on accounts that qualify towards the combined balance calculation and receive program benefits. Eligibility to enroll is generally available three or more business days after the end of the calendar month in which you satisfy the requirements. Benefits become effective within 30 days of your enrollment, or for new accounts within 30 days of account opening, unless we indicate otherwise. Certain benefits are also available without enrolling in Preferred Rewards if you satisfy balance and other requirements.  

Bank of America, Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.  

Banking products are provided by Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corp.  

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S" or "Merrill") makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation ("BofA Corp."). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.

Reporters May Contact:  
Andy Aldridge, Bank of America
Phone: 1.980.387.0514  
Andrew.aldridge@bofa.com  

Julia Ehrenfeld, Bank of America 
Phone: 1.646.855.3267 
Julia.ehrenfeld@bofa.com

¹ Higher income earnings are those households with annual income >$125K

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SOURCE Bank of America Corporation

FAQ

What new program did Bank of America launch for high-net-worth clients?

Bank of America launched an exclusive travel program in partnership with Indagare for ultra-high-net-worth clients.

What is required to access the new travel experiences by Indagare?

Clients need to have at least $10 million in assets to access the Indagare travel experiences.

How does the new program benefit Bank of America clients?

The program offers unique travel experiences and virtual tours specifically designed for ultra-high-net-worth clients.

What is the impact of the travel program on Bank of America's Preferred Rewards program?

The travel program enhances the Preferred Rewards program by providing exclusive travel offerings to its members.

What recent trend is affecting consumer spending according to the Bank of America Institute?

Despite inflation, consumer spending, particularly on travel and leisure, continues to grow year-over-year.