Happy Friday, readers! This weekend’s newsletter focuses on the twin topics of client service and satisfaction. As advisers have moved away from commissions to favor fee-based service, their daily work is also moving away from assessing/conducting transactions in favor of more holistic client relationship management. According to industry research, to be successful, advisers need to regularly ask their clients about their goals and their futures—and to speak with them rather than at them. Every point of contact with a client can help make them feel valued, respected and cared for.
“The conversations we have with our retirement plan adviser are always about getting the plan to a better place,” said Joanna Farrere, senior vice president, human resources and administrative services at the Illinois Health and Hospital Association.
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According to Josh Cohen, a big part of PGIM’s strategy as a DCIO provider is to foster conversations across plan sponsors’ own organizations, “presenting them with a framework for frank and practical discussions between the HR and finance functions.”
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Low and middle-income Americans struggling to save for retirement are depending on the U.S. Senate to pass the SECURE Act, advocates say. At present, one roadblock seems to the law’s treatment of “stretch IRAs.”
Washington insiders say Senator Ted Cruz is probably the biggest roadblock to the SECURE Act being passed in the near-term under unanimous consent; among other issues, he wants the bill to allow people to use tax-advantaged 529 college savings accounts to pay for home school expenses.