Participants Want More Financial Planning Services within their DC Plans
According to a Spectrem press release on its “Financial Planning at the Workplace” report, of those participants with no access to financial planning through their retirement plans, 81% indicated they would be interested in investment planning/review if offered and 57% said they would use education funding advisory services.
In all financial planning categories tracked, the
majority of plan participants without access expressed an
interest in using these services, Spectrem said.
“There’s a clear disconnect between retirement plan
participants’ interest in financial planning services and
the benefits their employers are providing. The vast
majority of those without access to these services –
nearly 60% of all participants – are interested in them.
Indeed, many are even willing to pay for workplace-based
advice. For plan sponsors, this translates into a great
opportunity to offer a new and highly desired benefit to
employees, and one that complements retirement plans
already in place,” said Catherine S. McBreen, Managing
Director of Spectrem Group, in the release.
The report is based on a telephone survey of 399
participants in defined contribution plans (401(k),
403(b), 457 and TSP plans) completed in early
2007.
Those interested in purchasing “Financial Planning at the
Workplace” should contact Spectrem Group at 641 W. Lake
Street, Suite 402, Chicago, IL 60661 or (312)
382-8284.