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:
Benefits |
Dawn Foods Boosts Employer 401(k) Matching Contribution
Michigan-based Dawn Foods Inc. changed its contribution matching formula to increase the total and reduce participants’ confusion.
Retirement Industry People Moves
Alerus names top retirement services officer; Newport bolsters NQDC unit; T. Rowe board chair Stromberg steps down; and more.
Retirement Industry People Moves
Alerus adds retirement plan consultant; Vestwell appoints pair of regional VPs; Wagner Law Group adds to Taft-Hartley practice; and more.
« LendEDU Suggests Millennial Spending Habits Won’t Harm Their Retirement