Products June 3, 2021

RIA in a Box Enables Automated Communications Archiving and Review

It also helps wealth management RIAs be better prepared for examinations.

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RIA in a Box, a Software-as-a-Service (SaS) provider of compliance, cybersecurity and operational software to the wealth management industry, has unveiled a new Communications Archiving and Review solution to enable RIAs to archive their duties within the MyRIACompliance platform.

This makes it far easier for RIAs to collect, organize, retrieve and review communications data and automate the archiving process for website content, social media and emails. The platform also enables this information to sync with firms’ existing compliance calendars and logs.

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The platform enables a practice’s Chief Compliance Officer (CCO) or other designated supervisor to set up customizable keyword flagging for emails and user-friendly filter capabilities to efficiently complete content reviews. All of these automated features make it easier for RIAs to prepare for regulatory exams and easily retrieve data.

“We have been listening carefully to our clients’ needs, and we understand archiving and review activities are a major source of time an anxiety,” says Will Bressman, chief executive officer of RIA in a Box. “With our new archiving product, an RIA firm can look to a single vendor to meet its full array of compliance obligations, from employee supervision to cybersecurity, to now archiving.”

Data & Research June 3, 2021

Employees and Employers Are Paying Attention to Annuities

Research from SRI anticipates the annuity market to grow as much as 30% by 2025.

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As workforces turn their attention towards annuity products, financial advisers are also advocating for adoption. 

Surveying just over 1,000 defined contribution (DC) plan participants, the 2021 BlackRock DC Pulse Survey finds that 89% of participants are interested in owning a product designed to generate retirement income, and almost nine in 10 believe that having guaranteed income in retirement would have a positive impact on their financial wellbeing. Ninety-six percent of plan sponsors also revealed an added sense of responsibility in offering these products, and 82% say they are likely to add an annuity solution in the next 12 months.

As a result, in the span of a year, twice as many advisers are speaking about investing in annuity solutions through retirement plans. Forty-eight percent of advisers are speaking more on the products, compared to 23% in 2020. With advisers dedicating conversations to annuities, more workers are adopting their advice. The study reports that 61% of participants who speak to their advisers on annuities have gone on to invest in one. 

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Among workforce demographics, Millennial participants exemplified strong interest in annuities—94% stated they are interested in owning a product designed specifically to generate retirement income, while 89% of Gen Xers and 83% of Baby Boomers shared the same interest.

The growth in awareness hasn’t only applied to working participants—retirees are recognizing its benefits, too. Of 311 retiree respondents, 76% noted how owning a guaranteed lifetime income product made a bigger difference than they originally believed, while 78% believed they would have benefited from a guaranteed income product if offered to them. 

The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 decreased hurdles for plan sponsors to offer in-plan lifetime guaranteed income products, but its adoption has been slow as of late, due to uncertainty, issues of portability and impacts brought on by the coronavirus pandemic. While the study found that most workers are still on track to save adequately for retirement (87%), almost half of respondents indicated personal concerns over retirement income.

Fifty-five percent of respondents said they worried over the thought of having to generate their own retirement income, while 59% stated difficulty in translating retirement savings into monthly income. Sixty percent worry they will outlive their retirement savings, and 77% are looking for help to get through retirement rather than simply reaching it.

As more participants inquire about guaranteed lifetime income solutions, forecasts show a rebound for most annuity products in 2021. The Secure Retirement Institute (SRI) forecasts that all individual annuity products, except traditional variable annuities and fixed-rate deferred annuities, will recover this year due to improving economic conditions and high demand, with products including protection features reaching significant value. By 2025, SRI expects the annuity market to grow as much as 30%.  

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