Talking Points

Reported by PLANADVISER Staff
Plain Speak

Advisers might keep in mind that when asked to choose the term that fits each definition given below, this is what plan participants said:

A person or organization that acts for you to manage your finances, putting your interest first and having a duty to preserve good faith and trust

  • Fee only adviser
  • Registered investment adviser
  • Fiduciary
  • Financial professional who must legally act in your best interest
  • Certified financial adviser

The product of collecting information from multiple financial accounts that includes both assets and liabilities

  • Complete financial picture
  • Consolidated financial view
  • Total net worth calculation
  • Seeing all your accounts in one place
  • Account aggregation
  • Holistic financial view
Source: Empower, “Less Jargon, More Clarity”

Adviser Firms Record High Growth

The investment adviser industry continued its record growth over the past year, with nearly 14,000 Securities and Exchange Commission (SEC) registered investment advisers (RIAs) now operating, and managing almost $110 trillion in assets for about 61 million clients. These data show that the number of SEC-registered advisers, their clients, assets managed and staff size all have hit new record highs.

Source: Investment Adviser Association

More RIAs Pick Up And Move

About 3% of all RIAs changed their headquarters during the COVID-19 pandemic—significantly more than would have in a typical year. Over 25% who made this change moved out of New York City. In total, 74 RIAs moved their headquarters out of the city between last April and this April. This represents roughly 21% of the total 345 RIAs who relocated during that time.

Source: SmartAsset

Oregon Saves Small Employers Money

Approximately 80% of employers using the OregonSaves state-run retirement plan option reported no out-of-pocket costs associated with the program. Midsize businesses, having 10 through 49 workers, were more likely than were businesses with nine or fewer workers to report out-of-pocket costs, possibly because a larger staff translates to higher administrative costs.

Source: Pew Charitable Trusts
Tags
automatic IRAs, Retirement Plan Industry, state-run retirement plan, state-run retirement programs,
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