New research in Bank of America Merrill Lynch's Retirement Benefits Report suggests what we all probably already know – small businesses are challenged by the costs of retirement benefits programs, but would like to have them to help their employees.
But recognizing the problem is the first step toward a solution, and it's also an excellent opportunity for retirement advisors to reach out and grow their own business in 2013.
Rick Irace, head of Institutional Retirement and Benefit Solutions for BofA Merrill Lynch, says the company's most recent study indicates that just 33 percent of small businesses (100 employees or less) are able to offer any kind of DC plan to their workers.
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