PLANADVISER Weekend Newsdash
Week ending April 26th, 2019

Happy Friday, readers! There are a lot of elements to ensuring success in the financial advisory profession, but at the core is quality client service. You can have the best growth rate in the industry and the most effective sales staffers out there, but if you aren’t retaining existing clients, it will all be for naught. Collected below is a series of articles on the topic of ensuring quality client service. We hope you will share some of what you read with a client or colleague.

Client Service
Small Business Owners Need a Nudge to Offer Retirement Plans
A survey reveals points about which small business owners could be educated to incent them to offer retirement plans for employees and save for retirement themselves. Read more >
Your Clients’ Cybersecurity Concerns
Retirement plan advisers can help plan sponsor clients know their providers are taking the right steps to protect participant data—without exposing information hackers can find. Read more >
Sri Reddy on Smashing Annuity Misconceptions
In conversation with PLANADVISER, Principal’s retirement and income solutions leader shares advice for how to talk about annuities with skeptical consumers. Read more >
Parents and Kids Both Influence the Flow of ‘Modern Money’
Shifting attitudes about supporting adult children financially have helped reshape Americans’ thinking about wealth and retirement readiness, according to Ameriprise Financial survey data. Read more >
Tailoring Plan Designs to Reflect Shorter Employee Tenure
Recent research reports suggest average employee tenure in the U.S. has trended downward; retirement industry experts agree this fact should inform plan design discussions and participant-level services. Read more >
Half of Americans Believe All Advisers Must Act in Their Best Interest
Many do not know if their adviser is technically a broker/dealer or an adviser, Personal Capital learned in a survey. Read more >
MOST POPULAR STORIES
Stimulus Bill Extends Some Provisions of the CARES Act

It also provides a way for retirement plan sponsors to avoid a partial plan termination.

Warn Your Clients: Don’t Abuse Coronavirus Hardship Withdrawals
Though retirement plans can allow individuals to self-certify that they qualify for a penalty-free coronavirus-related distribution, should the IRS discover otherwise during a future audit, a participant can be subject to substantial penalties.
Practice Management: Areas of Success

A look at what worked particularly well in 2020 and that could keep propelling growth in 2021.

SECURE Act and CARES Act Still Demand Client Diligence

As an example, if a plan sponsor has not yet started tracking part-time employees to see whether they accumulate 500 hours of service in 2021, they should begin doing so immediately.

Why Annuities Are So Helpful in Today’s Market Environment

Thanks to increases in longevity and lower expected returns from stocks and bonds in the foreseeable future, annuities are now seen as a big part of the solution.

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