Client Service December 31, 2018

2018 Beyond(k): HSAs, Pension Risk Transfer, Student Loan Debt Relief

A look at some of the products and services retirement plan sponsors are requesting outside of 401(k) plans.

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Retirement plan sponsors are increasingly demanding value-add services from their advisers. Our Beyond(k) column in PLANADVISER print this year explored a few of the most popular new products and services sponsors are requesting.

HSAs in Retirement Planning

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Health savings accounts (HSAs) have become more prevalent as more employers have turned to high-deductible health plans. High health care costs in retirement and the tax benefits and flexibility of HSAs are some of the other key reasons advisers should include them in their practices. Read more.

Giving Them a Break

Low unemployment, increasing student loan debt and interest in financial wellness are prompting some employers to consider offering student loan debt repayment programs. Advisers can help retirement plan sponsors select from the various ways to approach student loan debt repayment, help them assess and choose vendors and monitor the programs on an ongoing basis—all for a fee. Read more.

Pension Risk Transfer

With the pension risk transfer (PRT) market projected to exceed $23 billion in 2018, offering nuanced support to defined benefit (DB) plan clients considering a de-risking move is an option advisers should consider. To conduct a PRT, plan sponsors generally have two options: offer lump-sum benefit payments or buy a group annuity to cover liabilities. Read more.

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.

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