Data & Research August 7, 2014

Smartphone Use Soars for Plan Participants

Retirement plan participants find they can take it with them, as smartphone use overtakes usage of PCs and Macs, according to a study by Spectrem’s Millionaire Corner.
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Mobile tech usage dips in contrast to rising age, with the younger demographics the biggest users of smartphones, according to Spectrem’s study, “DC participant Mobile Technology Usage.”

A majority of defined contribution (DC) plan participants—eight in ten—report using a smartphone with Internet access and applications (apps), which is slightly higher than PC/Mac users (78%). Tablet and e-reader use lags both, at just 62% of respondents.

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Smartphone use by DC plan participants is up significantly from last year’s 71%, while PC/Mac usage shows a faint increase (79%). Tablet and e-reader use, on the other hand, is trending upward. In 2013, usage on these devices was 57%.

It’s no surprise that the youngest respondents in the study show the highest use of smartphones, at 91% of those under 35. Survey respondents between 35 and 49 are still heavy users, at 82%. Use drops as age rises: just 74% of people over the age of 50 use a smartphone. Tablet and e-reader use also dips with age. At least two-thirds of DC plan participants use them, but just 53% of those over the age of 50 use them. Age is not a significant factor in PC/Mac use, with80% of those under 35, compared with 78% of their older counterparts.

Male plan participants are more old-school than women when it comes to mobile technology. Eight-five percent use a PC or Mac versus. 71% of women, while 63% of women use a tablet or e-reader, compared with 61% of men.  

Deals & People August 7, 2014

GRP Names Chief Operating Officer

Christopher Giles has joined recently formed Global Retirement Partners as chief operating officer.
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GRP is a new retirement plan advisory firm and office of supervisory jurisdiction (OSJ) being built out of LPL’s acquisition of broker/dealer Financial Telesis (see “LPL and Financial Telesis Create New RIA Firm”). Bill Chetney, CEO of GRP, says of the need to form GRP within LPL, all advisers are licensed with LPL but are required to have an OSJ at the broker/dealer (B/D). GRP is going to be the only “retirement-centric OSJ,” Chetney says, which he says is the last piece of the puzzle for LPL to fully specialize in retirement plans and “be dominant in this space.” (See “GRP Recruits Three from 401(k) Advisors”) Giles is tasked with defining and executing strategic programs to increase the value delivered to clients, empowering plan participants and broadening retirement plan offerings for advisers.

Global Retirement Partners has ambitious programs to implement around participant advice and employee education, and Giles has the proven ability to execute on complex projects, Chetney said in a statement. “We expect to be servicing 300 advisers with over $100 million in revenue and $80billion of assets by mid-2015, so having someone with Christopher’s adviser-facing expertise is crucial to our success.”

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Giles brings more than 20 years of experience in financial services, with previous roles at Ameriprise Financial and American Express Financial Advisors. Most recently, at LPL Financial, he was senior vice president of adviser-facing technology solutions, responsible for the strategic direction and day-to-day management of products and services in the division.

Before joining LPL, Giles served as vice president of adviser-facing solutions at Ameriprise Financial, where he managed an annual profit and loss unit in excess of $100 million. In this role, he delivered new software-as-a-service technology systems and maintained all necessary facets of more than 100 adviser applications. 

As vice president of the business solutions group at Ameriprise, he led a team that covered business strategy, technical design, user-experience design, marketing/communications, operations and offshore contractors. In addition to his corporate experience in the industry, Giles spent nine years in the field as an adviser and in field leadership with Ameriprise Financial.

Giles holds a bachelor’s degree in business management and marketing from Cornell University.

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