In Practice December 31, 2018

2018 Practice Development: A Look at New Revenue Streams

This year, the Practice Development column in PLANADVISER print explored various ways retirement plan advisers can expand their practices beyond 401(k)s, with the goals of adding new revenue streams, better serving participants and solidifying client relationships.

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With financial wellness remaining top-of-mind among retirement plan sponsors and participants, clients are beginning to expect their advisers to offer services beyond the retirement plan.

As such, this year’s Practice Development column explored new services that advisers can consider adding to their practices—thereby solidifying their client relationships.

Giving 529 Plans a Try

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So many people find it a challenge to both save for their children’s education and their retirement. 529 college savings programs are a solution to that problem. Read more.

The Value of NQDC Plans

Saving the maximum of $18,500 a year ($24,500 for those 50 and older) in a 401(k) plan will not put highly compensated employees on the right path for retirement. This is why nonqualified deferred compensation (NQDC) plans are so important. Read more.

The Value of HSAs

One of Americans’ biggest retirement fears is being able to cover medical expenses in retirement. The triple tax advantages of health savings accounts (HSAs) make these products a clear solution to this challenge. Read more.

Advisers Called to Help ‘Heal’ Finances

The demand for financial wellness programs continues to increase. Including these programs in your practice can make a critical difference when prospecting new clients. Read more.

Cash Balance Plans on the Rise

Research shows that new 401(k) plans increase just 3% a year, but cash balance plans are growing 15% a year. These plans allow participants to save multiples of what 401(k) profit-sharing plans allow. Read more.

Retirement Income Options

There are a growing number of retirement income strategies an adviser can suggest, including guaranteed minimum withdrawal benefits (GMWBs), various annuity products, managed payout services—even an institutional platform offering competing providers’ annuities in the form of individual retirement accounts (IRAs). Read more.

In Practice December 28, 2018

Looking Back at the Value of Financial Wellness in 2018

From targeted education to utilizing investments, 2018 highlighted different areas of financial wellness. 

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As 2018 draws to a close, we take a look at how financial wellness has grown in the past 12 months. What features were among the most popular with participant employees? How has targeted education fared with both workers and employers? And what can plan sponsors expect in the upcoming year? Here, we highlight some of our most popular stories of 2018.

Most 403(b) Plan Sponsors Feel Responsible for Employees’ Financial Wellness
The 2018 PLANSPONSOR Defined Contribution Survey finds that 403(b) plan sponsors offer more formal financial education/guidance on a variety of topics than the overall 4,000 defined contribution (DC) plan sponsors surveyed. Read more.

Financial Stress Adds Significantly to Labor Costs
John Hancock researchers sought to quantify the cost of workers’ financial stress for employers, finding the average annual excess expense per employee is a lot more significant than may be assumed. Read more.

Who Is Responsible for Retirement Security?
National Retirement Security Week, from October 21 through 27, highlights the complementary roles of governments, employers and individuals in creating better retirement security for everyone in the U.S. Read more. 

Retirement Readiness Is Possible for Caregivers, But It’s Tough
It’s not hard to imagine why caregivers deprioritize their retirement savings; harder to figure out is how to support caregivers as they work to build their own financial wellness and retirement wealth. Read more. 

Employers Turn to Providers for Financial Wellness Program Offerings
When assessing a program, they first look at cost, and then ease of implementation and expertise, Prudential found. Read more.

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PANC 2018: Financial Wellness
The importance of measuring return on investment and addressing participants’ short-term needs. Read more.

Retirement Planning for Women Should Consider Differences From Men
Women may face lower pay, more work disruptions, higher longevity and higher retirement health care costs than men, a study points out. Read more.

Giving Them a Break
Student loan debt relief programs may grow in prominence. Read more.

Employees Endorse Investments in Financial Wellness
The importance of workplace financial wellbeing programs jumped five points in the 2018 Consumer Health Mindset Study from Alight Solutions. Read more.

Plan Sponsors Missing Opportunities to Improve Employee Retirement Outcomes
While employers cited rising health care costs followed by outliving retirement savings as their biggest concerns for employees’ retirement readiness, TIAA says surprisingly few have built retirement plan offerings that solve for these challenges. Read more. 

Speaking Their Language
How to tailor the message for different demographics. Read more. 

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