Since being named the 2018 PLANSPONSOR Mega Team Retirement Plan Adviser of the Year, the practice’s assets under advisement have doubled.
It also identifies opportunities to improve participant outcomes.
Nearly 70% of retirees say they retired earlier than they had expected, up from 50% in 2020.
His practice has a nine-step strategy for how retirement plan advisers can improve the health of defined contribution plans and the retirement outlook for participants.
The practice’s leaders say all decisions made for a plan must improve participants’ retirement readiness, which they describe as a top priority.
Despite the lack of in-person communication in 2020, the practice has gained a fair amount of new business by disseminating promotional videos.
The firm has seen its assets nearly double in only a few years, which senior partner Mike Volo says is a testament to the group’s quality team.
Rita Fiumara of UBS Financial Services Inc. is an early entrant into the retirement plan industry, having worked in the business since 1997.
The practice, overseen by a father-son pair, has experienced strong growth while staying committed to the middle-market segment.
Advisers should watch out for unwitting partial plan terminations tied to layoffs and lasting damage to employees’ retirement readiness caused by hardship withdrawals.
It should then come as no surprise that 38% are less confident they will have enough money to live comfortably in retirement, TIAA found.
Experts say there are things pre-retirees and retirees can do to prepare for a retirement that could last 20 to 30 years.
More than any other generation, its members are receptive to in-plan guarantees.
Retired households with less than $200,000 accumulated in a DC plan at retirement tend to spend down only about a quarter of their assets during the first two decades of retirement.
Financial wellness programs are here to stay, and they are a big part of the employee benefits landscape of the future, says Craig Copeland, a senior research associate at EBRI.
The aim of PartnerLens is to help advisers serve clients more effectively.
In releasing its 2020 Global Retirement Index, the investment manager outlines obstacles to retirement savings but says expanding coverage to more people and pairing that with automatic features can mitigate the challenges.
Leading defined contribution (DC) consultants also expect participants will increase their savings rates.
They also say they are not making headway on their retirement goals.
These opportunities also do not tend to offer benefits.