Products August 5, 2010

Bank of Hawaii Enhances Wealth Management Options for Clients

Bank of Hawaii’s Investment Services Group is now offering its clients an open architecture unified managed account (UMA) that can integrate multiple products.
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A press release said Bank of Hawaii is unveiling this offering with the help of Smartleaf, Inc. and Prima Capital.  

Smartleaf, a provider of advanced overlay management solutions, will provide Bank of Hawaii with a portfolio management system that enables multiple investment vehicles (including individual securities, mutual funds, and ETFs) to be managed in one account while incorporating individual client preferences for taxes, risk tolerance, and liquidity.  

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Prima Capital, an independent provider of investment manager due diligence, will help support the manager selection process. Bank of Hawaii will have access to Prima’s proprietary research that provides analyst commentary, product profiles, and tools to evaluate and monitor investment managers.  

“These enhancements will provide investment clients with a full range of outside managed products, including mutual funds, third-party manager models, and exchange-traded funds (ETFs) to complement internally managed products,” said Stephen Rodgers, Bank of Hawaii’s chief investment officer, in the press release.  

More information is at http://www.boh.com.
Data & Research August 5, 2010

Survey Finds Americans Wishing for Traditional Retirement System

In a new survey, Ipsos found half of respondents wish they had a pension.
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So, when asked about the potential for a fixed-rate annuity inside of 401(k)s that could be contributed to over time, that was portable from one plan to another if you left your job, that would provide a guaranteed lifetime income, and that would pay a lump sum to beneficiaries upon death if the account balance exceeded the amount already paid out, overall, three quarters (74%) said they would like having this option available, including 83% of those 25-34. More than half of all respondents (55%) said that having this 401(k) annuity option would be like contributing to a pension.  

According to an Ipsos press release, among those that do not currently have a 401(k), four out of ten (38%) said they would be more likely to participate if this annuity option was available. Eight in ten (77%) of those likely to participate in a 401(k), if available, said that they would allocate a portion of their regular contribution to the annuity product, and 81% said they would be likely to ask their employer to allocate the match to the annuity.   

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More than half (54%) said they would have a more favorable opinion of their employer if the company offered the option to contribute the match to the annuity.  

Seventy-one percent of respondents said they are personally in control of their finances and make financial decisions themselves, but half of those who are not yet retired (48%) believe they will not have enough money to maintain their current lifestyle in retirement, and half of those already retired (53%) are concerned about their current financial situation.  

Given that half of those with 401(k)s have balances of less than $5,000, Ipsos said it should come as no surprise that seven out of ten adults not yet retired (69%) say they have a lot more to do financially before they are ready to retire. Four out of ten (38%) currently believe that they will outlive their retirement savings.  

The Ipsos poll was conducted April 21 to May 4, 2010, among a national sample of 1,082 adults age 25 and older from Ipsos’ U.S. online panel.

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