Well over half of advisers are not communicating with clients via video, and only 7% are utilizing video to connect with clients on a regular basis.
Data & Research
With each edition of the PLANADVISER Data Mine, we dig for the most actionable findings in the latest retirement plan industry research.
Morningstar examines 2019 proxy voting data in the emerging age of ESG.
The retirement plan industry is flush with data points and analyses. In this November 2019 edition of Data Mine, we have dug out the most useful findings from a range of published works.
There is clearly a growing interest among retirement plan industry stakeholders in providing guaranteed income annuity options within defined contribution plans, yet consensus remains elusive.
The vast majority of today’s retirees still draw the lion’s share of their income from Social Security and pensions; however, in coming years the balance will very quickly tip to private savings sources such as 401(k) plans.
Willis Towers Watson’s Thinking Ahead Institute says defined contribution plan designs and communications will leverage technology to deliver a far more customized experience for participants.
The retirement plan industry is flush with data points and analyses. In this October 2019 edition of Data Mine, we have dug out the most useful findings from a range of published works.
Housing is the biggest spending category for every age group, according to EBRI’s findings.
While 75% of employers consider their companies to be “aging friendly,” only 54% of workers think their companies have adopted such policies.
Whether by video or written text, researchers found a short story significantly improved test scores about annuities and Social Security claiming.
They impact participation, contributions and asset allocation, according to a research paper supported by a grant from the Social Security Administration.
Considering automatically rolling balances from one plan to another for participants who terminate employment with small balances plan sponsors are allowed to cashout, EBRI found additional accumulations over 40 years would be $1.5 trillion.
It should start with determining sponsors’ concrete goals and can then move to usage metrics.
Two-thirds of small businesses that currently do not offer a retirement plan say that they would consider doing so through an open MEP, Empower learned in a survey.
In addition, the report discusses possible refinements to the baseline strategy, introduced last year, to address specific goals and circumstances, such as uneven expense and income flows, or alternative patterns of retirement income.
A research report provides an analysis of how including a default deferred income annuity (DIA) can improve retirement income for retirees and offers suggestions advisers can give 401(k) plan clients for implementing it.
A survey by Voya also found that sponsors do not always understand the services that advisers provide, which means that advisers need to communicate their value more effectively.
Introducing auto portability and allowing open multiple employer plans (MEPs) were simulated to have the biggest impact on decreasing the retirement income deficit.
GAO says the two agencies do not share enough information on these exemptions, and that sharing more information would lead to greater transparency and consistency.