Consumers spent a collective 1.6 trillion hours on mobile devices during the first half of 2020, with a 220% increase in time spent on business apps.
The Fifth Third retirement plan business comprises more than 475 workplace savings plans populated by approximately 100,000 participants with $6.21 billion in assets.
The transaction will increase Empower’s participant base to more than 12.2 million people and its retirement services recordkeeping assets to approximately $834 billion administered in approximately 67,000 workplace savings plans.
Principal Financial Group acquired Wells Fargo’s institutional retirement and trust businesses in July 2019 and aims to complete the integration in 2021—pandemic or not.
Sales of new plans are expected to decline throughout the rest of 2020, with small plans affected the most.
DCIIA and SPARK surveyed members in early April with regard to the CARES Act and the effects of the coronavirus pandemic.
Fee compression hit recordkeepers first, then asset managers. Advisers are next, experts agree, but they can learn some important lessons from their service provider partners.
“These digital and service model investments support our efforts to bring the best from both organizations to provide unparalleled value to participants, clients, advisers and consultants,” says Renee Shaaf at Principal.
The audit service provides an in-depth assessment of the digital user experience offered by retirement plan recordkeepers to plan sponsors.
This was one of Fidelity's arguments in a memorandum to support its motion to dismiss a consolidated lawsuit alleging it is receiving “secret” or “kickback” payments from providers on its FundsNetwork platform.
Principal is not only acquiring additional capabilities and scale, but an experienced and highly professional team, said Renee Schaaf.
Joe Ready is taking a new role as head of Trust and chief fiduciary officer for Wells Fargo Wealth & Investment Management, and will remain connected to the integration of Principal and Wells Fargo Institutional Retirement & Trust, supporting client and employee transitions.
The integration allows advisers to access client data in their Fi360 Toolkit, according to the firms, with the goal of streamlining business processes and better serving clients’ needs.
Principal’s retirement business president offers additional details about the firm’s acquisition of Wells Fargo’s retirement business, while outside analysts reflect on the broader industry implications of two major providers coming together.
The new website includes a detailed section about how unlimited investment lineup options can help 401(k) advisers give their clients the best chance of reaching retirement readiness.