Products June 15, 2010

BCG Introduces Concierge Club for Advisers

Third-party administrator Benefit Consultants Group (BCG) has introduced a Concierge Club partner development program that “rewards an adviser for his/her commitment to the retirement plan market.”
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“Advisers are looking for partners they can count on to support the strategic growth of their business.  BCG’s success is dependent on the success of the adviser community,” Beau Adams, Executive Vice President of Business Development at BCG told PLANADVISER. “The program is based on recognition that the adviser is committed to employer sponsored plans and is interested in partnering with BCG to grow that part of their business.  Essentially, we are investing our resources into their business. “

According to the company, the program offers a full-range of service offerings to build a strong partnership with retirement plan advisers. Advisers who accumulate rewards are able to use them for things such as:

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  • Client appreciation events
  • Prospecting efforts/events
  • Reduce or eliminate future fees
  • Educational development
  • Career development   
  • Custom marketing plans

“It’s a very custom approach based on the individual adviser’s needs or interests,” Adams said.

Other benefits offered to advisers include: a fully-branded 401(k) x-ray consultation tool; preferred reservations at BCG’s annual golf invitational; and preferred reservations at BCG’s symposiums.

Adams said that BCG had over 20 advisers register for the program in less than a week after announcing it.

Advisers interested in more information can contact 800-524-401k, option 3, or visit the company online at www.bcgbenefits.com.

Data & Research June 15, 2010

Younger Couples More Likely to Work Together on Finances

It is becoming less common for one member of a couple to assume all of the financial responsibility and decision-making, according to a new survey.
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Nearly three-quarters (71%) of couples ages 35 to 44 report they make decisions about managing debt as a team. This is compared to 55% of couples ages 65 and older who reported the same, according to a recent survey of 1,058 adults by TD AMERITRADE Holding Corporation.

Of couples ages 65 and older, 26% report the breadwinner alone makes decisions about paying bills, compared to 17% of couples ages 18 to 34. Likewise, 28% of couples ages 65 and older report the breadwinner alone is responsible for making decisions about how to manage debt, compared to 13% of couples ages 35 to 44.

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“It’s clear that we’ve seen tremendous changes occur over the past few decades with respect to financial roles,” said Diane Young, director, retirement and goal planning, TD AMERITRADE. “When women entered the workforce in large numbers in the 1970s and 1980s, they took on more of a voice in the family’s financial matters, which is something that older generations simply did not experience—at least openly. As a result, younger generations tend to work together on most financial matters.”

Of those who are single, the survey found some differences between whether they made decisions by themselves or with someone else. Nearly all, 94%, of those ages 55 to 64 who are single report making decisions about managing debt alone, compared to 76% of those ages 35 to 44 who are single and report the same.

The vast majority, 97%, of those ages 65 and older who are single report making decisions about paying bills alone, while only 3% report making decisions about paying bills with someone else. Three-quarters (76%) of those ages 18 to 34 who are single and report making decisions about paying bills alone.  Of those who are single, 20% of those ages 35 to 44 report making decisions about paying bills with someone else.

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