Products July 24, 2013

NFP Unit for Advisers Debuts Retirement Center

NFP Advisor Services Group unveiled the Retirement Center, which consolidates access to retirement resources and plan experts to support retirement plan advisers.
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The Retirement Center connects advisers, particularly those focused on high-net-worth clients who tend to be business owners and executives, with a resource center of the firm’s expertise in retirement plans and corporate benefits. The center also serves as a showcase for the NFP services advisers can use to address the personal retirement needs of a business owner or an executive. 

Among the offerings are customized marketing support, discounted fiduciary certification services, and access to outside legal resources and executive compensation/ benefits experts.  This resource empowers advisers not only to win retirement plan business, but also to execute the complex benefit strategies that will establish the deep and lasting relationships with executives and business owners that differentiate the most successful practices. 

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According to James Poer, president of NFP Advisor Services Group, retirement plan business is one of many disciplines the firm’s advisers use to expand their book of business and create relationships with executives and business owners. “We’ve always been committed to this business and are proud to roll out the next generation of support that highlights the unique combination of capabilities that only NFP can provide,” Poer said.

“The Retirement Center is a collection of the rich and diverse expertise exclusive to NFP with the added benefit of our depth and breadth of capabilities across multiple business lines,” saidEd O’Malley, president of NFP Corporate Client Group. “By connecting advisers with these elite resources, we are investing in their future success as no other firm can.”

NFP Advisor Services Group is a business segment of NFP that serves independent financial advisers, including registered independent advisers (RIAs) and hybrids, by offering broker/dealer and asset management products and services.

Data & Research July 24, 2013

More Small Businesses Offering Retirement Plans

More small-business owners are offering and investing in 401(k) plans now than five years ago.
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According to a nationwide survey of small-business owners by ShareBuilder 401k, nearly one-quarter (24%) of small businesses now offer a 401(k) plan (compared to 10% in 2008). Eighty-nine percent of small-business owners with more than one employee that offer a 401(k) plan said it is an important factor for attracting and retaining the best talent.

Additionally, 50% of those who offer a 401(k) plan believe offering a plan is their responsibility as a business owner. Of the 28% of businesses with a 401(k) plan that either stopped offering a match or lowered their match over the past five years, 56% have since reinstated it.

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The majority of small-business owners (58%) said their own current retirement savings is higher than it was five years ago. Nearly two-thirds (65%) now feel confident they are saving enough for retirement, compared to 44% five years ago. Eighty-two percent of all small-business owners view 401(k)s as an effective approach to saving for retirement.

"Though the Great Recession had a negative impact on many Americans' retirement plans, it appears it was also a wake-up call when it comes to planning for the long term," said ShareBuilder 401k President Stuart Robertson. "A record percentage of small businesses are reporting ownership of a retirement plan—a sign that more small business owners are prioritizing their own and their employees' need to save for the future."

The survey also found the two biggest reasons more small businesses are not offering a plan to be "not enough employees to make it worthwhile" (reported by 48% of respondents) and "can't afford to offer a company match" (at 23%).

The comparative data used for the survey comes from a similar survey of small business owners commissioned by ShareBuilder 401k called the "2008 Small Business Annual Retirement Trends" report. Both this year's survey and the 2008 research included responses from 500 small businesses from across the United States with 50 or fewer employees.

ShareBuilder 401k recently announced a No Fee Week for new plans (see “Plan Provider Waives Plan Startup Costs”).

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