The move comes at a time when some 10,000 Baby Boomers are turning 65 years old every day, while people are also living longer. Entitlements are also shrinking, family inter-dependencies are multiplying, and economic uncertainty is widespread.

"These trends have resulted in unprecedented complexity when preparing for and managing life in retirement, and call for a new approach," Merill said.

The offering is designed to better connect people’s lives to their finances through broader, more personally meaningful conversations with their financial advisors about their priorities, which leads to goal setting and the creation of an investment strategy.

Merrill Lynch Clear uses a series of iPad “discovery apps” that use illustrations, educational resources and interactive exercises to help advisors better understand priorities and allocate resources based on personal goals and circumstances.

“Making sense of retirement is challenging for everyone. Merrill Lynch Clear is designed to help people face these challenges in a confident manner, reduce uncertainties, and make complex conversations and decisions easier,” said David Tyrie, head of retirement and personal wealth solutions for Bank of America Merrill Lynch.