Strategic Plans Drive Change
Clunky technology, lack of training and lawsuits were noted as industry challenges in a recent article about retirement plans and the state of the industry. On the other hand, the potential growth opportunities were glaring, particularly for advisory firms that enable companies to recruit and retain key workers through strategic benefit and retirement offerings.
Fred Barstein of Wealth Management.com sees these challenges as an opportunity for the 401(k) and retirement advisor industry to “explode.” Defined contributions “is a perfect way to interact with and help workers with all financial and benefit issues, not just retirement,” he said. He sees the merging of “wealth, retirement and benefits” as an important driver of change.
Nearly 57 million Americans (about 48% of the private sector workers ages 18-64) are employed by organizations that don’t offer a traditional pension or a retirement savings plan, according to a new AARP study. And it’s not just small and medium-sized businesses that aren’t offering these plans. Companies with 1,000 or more employees, or one-third of the workforce, are not providing employer-sponsored retirement plans.
Comprehensive planning should include customized services and technology, along with a convergence of expertise about compensation, retirement, benefits, investment and finance strategies. Providing all the above allows an organization to build packages that properly benefit their entire organization, from the executive suite to the newly hired.
At Newcleus, the compensation, bank, credit union and retirement advisors make up a team powered by its collective knowledge and decades of experience. Innovative ideas, tailored strategies, customized tech support and due diligence are all part of the Newcleus advantage. Contact us today for a full review of your current investment and retirement plans – and discover how the advantage can work for you.