Greetings loyal PLANADVISER readers! Coming on the third Friday of the month, this weekend’s mailing is dedicated to the timely and evolving topic of financial wellness. While the topic has been an important focal point for several years now in the retirement plan advisory space, the coronavirus pandemic has cast an entirely new light on the concept of financial wellness. Simply put, the virus has exposed financial fractures and weak points impacting individuals across the income spectrum, putting the onus on advisers to help people create a sense of stability and confidence about their short-term finances.
Investing experts say smartly pairing the two types of annuities with other investments in a retirement portfolio can deliver significantly more income compared with a traditional withdrawal strategy.
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One notable feature is that account holders can deduct from their own income the amount of HSA contributions made to their account by other people—but not the employer.
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Each U.S. household in the bottom half of the wealth distribution has only $20,000 of net worth, on average, a figure that represents less than 0.1% of those at the very top. Helping more people to own homes and to invest even modestly in the stock market are seen as critical steps to closing that gap.
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Retirement industry practitioners support the provision of mandatory lifetime income disclosures to plan participants, but they also emphasize the importance of broader income conversations and education.
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Advisers can play an important role in helping plan sponsors understand the options available to them, as well as the impact of making certain plan changes.
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A new case study suggests even advisers with decades of industry experience can attain measurable growth improvements with the short-term addition of training, coaching and peer accountability.
The Direct Fiduciary program aims to allow companies to significantly reduce the amount of time spent managing an individual 401(k) plan by outsourcing administrative and investment fiduciary responsibilities.
Experts continue the debate about actively managed funds in light of a publication from the CFA Institute Research Foundation which asks, ‘Is active management worth it?’
In addition to asking for input on the SECURE Act’s requirements and the current Form 5500, the DOL has published a notice of proposed changes to its implementation of regulations under Title I of ERISA.
