Evaluating Operational Challenges to Drive Scale and Efficiency
In August 2019, Vestwell conducted a survey to learn more about the reigning attitudes of today’s retirement plan advisors and how they are successfully approaching plan sales and engagement.
- 33% of advisors see managing scale as their biggest hurdle when it comes to growth
- Yet less than 30% are outsourcing their most basic functions
- Additionally, 20% are still working with more than 6 recordkeepers
- And those numbers are significantly higher for plan specialists!
What to dig deeper? Download the full report here.
While it’s well documented that the majority of Americans aren’t saving enough for retirement, having access to a company sponsored 401(k) or 403(b) plan can greatly impact their retirement readiness.
According to our survey, employees are taking advantage of retirement plans when given the opportunity. 76.7% of those with a company sponsored plan are saving 4% or more of their salary each month (excluding any additional savings from a company match). Not only are those with access to a plan saving, but they also feel confident about decisions regarding their plan. In fact, 62.5% say they’re comfortable with their knowledge around their retirement plan, which means people are either educating themselves or receiving proper education from the plan administrator or sponsor. This highlights the critical role employers play in their employees’ financial future, since simply offering a retirement plan appears to have an immediate and real impact on both security and confidence.
In February 2019, Vestwell conducted a study of 672 employees who were eligible to participate in their company sponsored 401(k) or 403(b) plans, 499 of whom completed the survey in its entirety. The intent was to gauge perceptions of saving for retirement and better understand participant engagement with their plans.
Take a peek at Vestwell’s 2019 participant attitudes report to find out more about employee perceptions and how they engage with their plans.
100% of polled plan sponsors are happy they switched to Vestwell – and advisors are happy, too! Take a look at our infographic to see what both advisors and sponsors are saying about their Vestwell experience.
Happy clients = happy advisors. Between admin relief, easy onboarding, and fee transparency, find out why plan sponsors are happy they chose Vestwell…and why you should too! Check out our infographic here.
Vestwell’s 2018 Retirement Trends Survey highlights key sentiments of advisors and plan sponsors as they relate to selling, adopting, and maintaining plans.
Did you know:
- 57% of advisors see growing their client base as their biggest priority
- 35% of advisors think the biggest mistake plan sponsors make during plan selection is not knowing what they’re paying for
- 37% of plan sponsors list filings, taxes, and compliance activities as their biggest pain point
- and more…
To view the report in its entirety, click here.
“The small and mid-sized retirement market offers exciting opportunities, but it’s not easy developing the expertise and capabilities to navigate the plan design and compliance. The good news is that you don’t have to do it yourself. Vestwell provides a streamlined, white-labeled retirement platform that acts as an extension of your advisory firm.”
Download White Paper