Cross-selling is something I have always heard talked about, but not a lot of doing. Whether it’s a plan provider or a law firm, it’s something that should be done, but isn’t.

Participants in the 30,000 plans administered by Bank of America will have access to a new suite of banking and investment benefits. The 5.6 million participants in these plans will have access to retail banking options and reduced fees on mortgages if their employers opt to offer the benefits.

This is a no-brainer for Bank of America and probably any other provider that can offer other services and benefits. Of course, Bank of America isn’t a plan fiduciary and that it is a big deal for those providers that are because any type of selling by a fiduciary would raise possible prohibited transaction rule situations.