PLANADVISER - January/February 2020 - 14
trends
Average
Participant
Deferrals
On the Rise
6.0
Source: Plan Sponsor Council of America
New Service Broadens
Access to Tailored Advice
Advisers can find multiple recordkeepers on one platform
TO DATE, managed account services have
typically been available only on singlerecordkeeper
platforms-meaning advisers
to plans that offer the accounts had to work
with multiple providers.
Three years ago, for instance, financial
services firm Morningstar Inc. rolled
out
its managed account
service with
Schwab Retirement Plan Services Inc. as
the only recordkeeper, notes Jim Smith,
Morningstar's head of workplace strategy
and business development. In last year's
fourth quarter, though, Morningstar developed
a prototype that can work with any
recordkeeper platform; five large registered
investment adviser (RIA) firms immediately
signed up, with CAPTRUST as the
first, Smith says.
He says offering managed account
services provides an adviser with a
number of benefits-such as enabling
him to advise potentially hundreds of
participants. " CAPTRUST, for instance,
focuses primarily on wealth management
and defined contribution [DC]
plans, and its advisers have been very
good at catering to the C-suite, " Smith
says. " What they've wanted is a way to
scale this advice to people who don't have
as large of a balance. "
This new service will let the advisers
bring their expertise at building personalized
portfolios to a wider base of participants.
" They'll now be able to seamlessly
offer advice to wealth management clients
and DC plans, " Smith notes.
He adds that managed accounts were
able to draw together only about four data
points about participants in 2007. Today,
that is nine to 10. " A number of RIA firms
have realized that 401(k) plans are now
getting more data on individuals, so we
can do a better job of personalizing advice
on an individual level. " -Lee Barney
A benefit of health savings accounts
is that people can make out-of-pocket
qualified health-care purchases and
reimburse themselves tax-free, via the
account, once they enter retirement.
Source: HSA Bank
14 | planadviser.com January-February 2020
47%
of those entering
the job market-
ages 20 - 24-
contribute to a 401(k)
plan. Likewise ...
50%
of workers 65 and
older still contribute
to their plan.
t65%hrough
90%
of workers in small
and midsize businesses
consistently
participate in their
401(k) plan regardless
of geography,
industry or age.
Source: Human Interest
2018
2017
2016
6.5
6.8%
7.1%
7.7%
7.0
7.5
8.0
HSA
http://www.planadviser.com
PLANADVISER - January/February 2020
Table of Contents for the Digital Edition of PLANADVISER - January/February 2020
Ever Vigilant
Advisers Shine Light on CSR at Work
2020 PLANADVISER Micro Plan Survey
Building Better Engagement
Sharing Ownership
In Touch
Make It Last
Men as Advocates
MEPs and PEPs
Aset Allocation Models
PLANADVISER - January/February 2020 - Cover1
PLANADVISER - January/February 2020 - Cover2
PLANADVISER - January/February 2020 - 1
PLANADVISER - January/February 2020 - 2
PLANADVISER - January/February 2020 - 3
PLANADVISER - January/February 2020 - 4
PLANADVISER - January/February 2020 - 5
PLANADVISER - January/February 2020 - 6
PLANADVISER - January/February 2020 - 7
PLANADVISER - January/February 2020 - 8
PLANADVISER - January/February 2020 - 9
PLANADVISER - January/February 2020 - 10
PLANADVISER - January/February 2020 - 11
PLANADVISER - January/February 2020 - 12
PLANADVISER - January/February 2020 - 13
PLANADVISER - January/February 2020 - 14
PLANADVISER - January/February 2020 - 15
PLANADVISER - January/February 2020 - Ever Vigilant
PLANADVISER - January/February 2020 - 17
PLANADVISER - January/February 2020 - 18
PLANADVISER - January/February 2020 - 19
PLANADVISER - January/February 2020 - Advisers Shine Light on CSR at Work
PLANADVISER - January/February 2020 - 21
PLANADVISER - January/February 2020 - 22
PLANADVISER - January/February 2020 - 23
PLANADVISER - January/February 2020 - 2020 PLANADVISER Micro Plan Survey
PLANADVISER - January/February 2020 - 25
PLANADVISER - January/February 2020 - 26
PLANADVISER - January/February 2020 - 27
PLANADVISER - January/February 2020 - 28
PLANADVISER - January/February 2020 - 29
PLANADVISER - January/February 2020 - 30
PLANADVISER - January/February 2020 - 31
PLANADVISER - January/February 2020 - Building Better Engagement
PLANADVISER - January/February 2020 - 33
PLANADVISER - January/February 2020 - 34
PLANADVISER - January/February 2020 - 35
PLANADVISER - January/February 2020 - Sharing Ownership
PLANADVISER - January/February 2020 - 37
PLANADVISER - January/February 2020 - In Touch
PLANADVISER - January/February 2020 - 39
PLANADVISER - January/February 2020 - Make It Last
PLANADVISER - January/February 2020 - 41
PLANADVISER - January/February 2020 - 42
PLANADVISER - January/February 2020 - 43
PLANADVISER - January/February 2020 - Men as Advocates
PLANADVISER - January/February 2020 - 45
PLANADVISER - January/February 2020 - MEPs and PEPs
PLANADVISER - January/February 2020 - Aset Allocation Models
PLANADVISER - January/February 2020 - 48
PLANADVISER - January/February 2020 - Cover3
PLANADVISER - January/February 2020 - Cover4
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