Merrill and IMG Academy Launch Partnership to Bring Financial Education to Student-Athletes

Rhea-AI Summary

Merrill Wealth Management and IMG Academy have announced a three-year partnership to provide financial education to student-athletes and their families. The program, set to begin in the 2024/2025 academic year, aims to help students navigate the complex financial landscape of sports. It will offer educational sessions, campus assemblies, self-study materials, and one-on-one meetings with Merrill advisors.

The curriculum will incorporate Bank of America's Better Money Habits resource, covering topics such as savings, spending, credit, and investing. This initiative aligns with Merrill's dedicated Sports & Entertainment group, introduced three years ago to address the unique financial challenges in the sports industry.

IMG Academy, known for its holistic approach to student-athlete development, sees this partnership as a valuable addition to its educational offerings, both at its Bradenton, Florida campus and through its online program, IMG Academy+.

Positive

• Partnership expands Merrill's reach in the lucrative sports and entertainment sector
• Potential for increased client acquisition among future professional athletes
• Enhances Bank of America's (BAC) brand image in education and youth financial literacy

Negative

• None.

The Multi-Year Partnership Aims to Empower Student-Athletes to Pursue Financial Goals

NEW YORK, July 25, 2024 /PRNewswire/ -- Today, Merrill Wealth Management and IMG Academy announced a three-year partnership to offer more education and resources around financial awareness to student-athletes and their families. The program aims to provide actionable financial education to IMG Academy student-athletes that can help them throughout their student-athlete journey and in life.

"Athletes today are navigating an increasingly complex financial landscape and are expected to make decisions at an early age that can have a significant impact on their futures," said Greg McGauley, Head of Merrill Private Wealth Management, International and Institutional Groups. "That is why this partnership with IMG Academy is so important and timely. It offers students and their parents the education and resources to help them make informed financial decisions now and in the future."

Recognizing the growing need for financial advice and having long-served clients in the sports industry, Merrill increased its commitment three years ago through the introduction of a dedicated Sports & Entertainment group. These advisors are well-versed in the unique challenges that the sports industry presents, and work with their sports clients to address these challenges. With the IMG Academy partnership, Merrill advisors will provide specialized personal financial education to IMG Academy student-athletes and families through a curriculum that incorporates Bank of America's free financial education resource, Better Money Habits, and covering such topics as:

• Basic of savings and spending,
• Introduction to credit,
• General Investing information from Merrill, and more.

IMG Academy's intentional and unparalleled focus on holistic personal development sets it apart from any other education brand or institution in the world. It is the only prep school in the world with a dedicated staff of more than 100 specialists focused specifically on intentional personal development in the areas of leadership, mental performance, nutrition, communication, and sports science. IMG Academy across its boarding school and digital products, NCSA College Recruiting and IMG Academy+, helps place more than 30,000 student-athletes onto college athletic rosters annually.

"Given the modern high school and collegiate student-athlete landscape, it is becoming increasingly important to develop financial literacy at a younger age," said Brent Richard, CEO of IMG Academy.  "Establishing a partnership that provides our student-athletes and their families financial resources and knowledge is another significant addition to our holistic education curriculum, and only further increases the value of an IMG Academy education."

The financial education program will be offered to students and their families attending IMG Academy's onsite boarding school in Bradenton, Fla., and through their online program, IMG Academy+. The curriculum will go into effect during the 2024/2025 academic year and will include educational sessions, campus-wide assemblies, self-study materials, and an opportunity for students and their families to meet with a Merrill advisor one-on-one.

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 69 million consumer and small business clients with approximately 3,800 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 57 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 4 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 more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).

IMG Academy

IMG Academy is the world's leading sports education brand, providing a holistic education model that empowers student-athletes to win their future, preparing them for college and for life. IMG Academy provides growth opportunities for all student-athletes through an innovative suite of on-campus and online experiences:

• Boarding school and camps, via a state-of-the-art campus in Bradenton, Fla.
• Online coaching via the IMG Academy+ brand, with a focus on personal development through the lens of sport and performance.
• Online college recruiting, via the NCSA brand, providing content, tools, coaching and access to a network of 40,000 college coaches.

To learn more about IMG Academy and its on-campus and online experiences, visit www.imgacademy.com.

Banking products are provided by Bank of America, N.A., and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.

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.

Investment products:  

Are Not FDIC Insured

Are Not Bank Guaranteed

May Lose Value

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

Reporters may contact:

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

Mike Lovecchio, IMG Academy
Phone: 1.941.577.2961
mike.lovecchio@imgacademy.com

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SOURCE Bank of America Corporation

FAQ

What is the duration of the partnership between Merrill and IMG Academy?

The partnership between Merrill Wealth Management and IMG Academy is set for three years.

When will the financial education program at IMG Academy start?

The financial education program will begin during the 2024/2025 academic year.

What topics will be covered in the financial education program for IMG Academy student-athletes?

The program will cover topics such as basics of savings and spending, introduction to credit, and general investing information from Merrill.

How will Bank of America (BAC) be involved in the financial education program?

The program will incorporate Bank of America's free financial education resource called Better Money Habits.