PLANADVISER - May/June 2021 - 10
trends
The news that drives the retirement
plan adviser industry
Benefits for an Uncommon Group
The adviser
industry must
evolve to effectively
serve the gig
workforce-a
growing segment of
employees
who need help with
financial planning
and with saving for
retirement
GIG WORKERS comprise about one-third of
the U.S. workforce, and that percentage
is expected to grow, according to government
and other estimates. With that in
mind, retirement plan advisers looking to
enlarge their client base should consider
this market, retirement plan experts say.
Help is definitely needed there. Gig
employers tend to offer no benefits, experts
say, and this may not change, as, in 2019, the
Department of Labor (DOL) issued a wage
and hour opinion letter concluding that
service providers for a virtual marketplace
company
are
independent
contractors.
That DOL opinion could only discourage
more gig employers from offering retirement
savings plans or health insurance
benefits to their workers, said David Musto,
president and CEO of Ascensus, at the time.
Further, gig workers are apt to be
financially fragile, and many need help
getting their entire financial house in
order, starting with paring down debt,
says Micah DiSalvo, chief revenue officer
of American Trust.
Indeed, a 2019 Hearts & Wallets survey
bears this out. Overall, this group reported
having more trouble with nearly all financial
tasks than did non-gig workers-e.g.,
paying off or consolidating debt (18% vs.
12%), saving for a college education (18%
vs. 10%), deciding where to put their
savings (16% vs. 10%), planning for retirement
(22% vs. 15%), starting to save (17%
vs. 13%) and determining when they
should retire (18% vs. 15%).
Financial
advice
could help bridge
these gaps, DiSalvo notes. But there could
10 | planadviser.com May-June 2021 Art by Nurit Gross
http://www.planadviser.com
PLANADVISER - May/June 2021
Table of Contents for the Digital Edition of PLANADVISER - May/June 2021
Publisher’s Note
Compliance News
Data Points
Trends
Eyes On The Investment Menu
2021 PLANADVISER DCIO Survey: The State Of DCIO
The Promise Of Sustainable Investing
Wealth Transfers On The Horizon
Rollovers And Fiduciaries
Caution Needed Regarding Rollovers
Advisers Giving Back
PLANADVISER - May/June 2021 - Cover1
PLANADVISER - May/June 2021 - Cover2
PLANADVISER - May/June 2021 - 1
PLANADVISER - May/June 2021 - Publisher’s Note
PLANADVISER - May/June 2021 - 3
PLANADVISER - May/June 2021 - Compliance News
PLANADVISER - May/June 2021 - 5
PLANADVISER - May/June 2021 - 6
PLANADVISER - May/June 2021 - 7
PLANADVISER - May/June 2021 - Data Points
PLANADVISER - May/June 2021 - 9
PLANADVISER - May/June 2021 - Trends
PLANADVISER - May/June 2021 - 11
PLANADVISER - May/June 2021 - 12
PLANADVISER - May/June 2021 - 13
PLANADVISER - May/June 2021 - 14
PLANADVISER - May/June 2021 - 15
PLANADVISER - May/June 2021 - 16
PLANADVISER - May/June 2021 - 17
PLANADVISER - May/June 2021 - Eyes On The Investment Menu
PLANADVISER - May/June 2021 - 19
PLANADVISER - May/June 2021 - 20
PLANADVISER - May/June 2021 - 21
PLANADVISER - May/June 2021 - 22
PLANADVISER - May/June 2021 - 23
PLANADVISER - May/June 2021 - 24
PLANADVISER - May/June 2021 - 25
PLANADVISER - May/June 2021 - 2021 PLANADVISER DCIO Survey: The State Of DCIO
PLANADVISER - May/June 2021 - 27
PLANADVISER - May/June 2021 - 28
PLANADVISER - May/June 2021 - 29
PLANADVISER - May/June 2021 - 30
PLANADVISER - May/June 2021 - 31
PLANADVISER - May/June 2021 - 32
PLANADVISER - May/June 2021 - 33
PLANADVISER - May/June 2021 - The Promise Of Sustainable Investing
PLANADVISER - May/June 2021 - 35
PLANADVISER - May/June 2021 - Wealth Transfers On The Horizon
PLANADVISER - May/June 2021 - 37
PLANADVISER - May/June 2021 - Rollovers And Fiduciaries
PLANADVISER - May/June 2021 - Caution Needed Regarding Rollovers
PLANADVISER - May/June 2021 - Advisers Giving Back
PLANADVISER - May/June 2021 - Cover3
PLANADVISER - May/June 2021 - Cover4
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