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
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.