For more stories like this, sign up for the PLANSPONSOR NEWSDash daily newsletter.
Benefits August 7, 2018
Most DC Plan Advisers Offer Financial Wellness Support
In addition to retirement savings services and investing support, DC advisers who provide financial wellness services offer rainy day/emergency funds, budgeting and managing spending, college savings education, and more.
Reported by Rebecca Moore
Nearly three-quarters (73%) of advisers report that they specifically offer financial wellness support to defined contribution (DC) plan clients, according to LIMRA Secure Retirement Institute (LIMRA SRI).
LIMRA SRI finds almost all DC advisers who provide financial wellness services offer retirement savings services and investing support (96% and 95%, respectively). Other financial wellness offerings include:
- Rainy day/emergency funds (71%),
- Budgeting and managing spending (66%),
- College savings (66%),
- Short-term saving to support planned expenses (59%), and
- Managing debt including college loans and credit cards (58%).
The survey finds advisers who include wellness offerings are also more likely to include other key participant services such as advice to plan participants, retirement income advice, advice to departing participants and custom allocation models.
You Might Also Like:
Fidelity Reports 81% Plan Sponsor Satisfaction With Advisers
An annual survey of more than 1,000 employers finds an 81% plan outcome satisfaction rate.
California Adds High School Financial Literacy Requirement
Lawmakers have presented retirement industry professionals a golden opportunity to help teachers instruct students about financial literacy and retirement readiness.
PGIM and TIAA Rethink 4% Withdrawal Rule, Finding Retirees Can Spend More
For defined contribution plan participants, new research from PGIM and TIAA offers a fresh perspective on the usefulness of a...
« LendEDU Suggests Millennial Spending Habits Won’t Harm Their Retirement