Advisor Technology

Employers need to get ahead of the curve in engaging their plan administrators, amending their plans and communicating significant changes to employees, such as emergency withdrawals and student loan match.

There's a strong desire for help with financial decisions across generations but a strong majority (75%) of Americans said it was important that their employer offer a program to help manage finances, says a new study.

Momentum from passage of SECURE 2.0 could "accelerate" efforts to enroll millions more of employees, since fewer than 50% of small businesses with less than 50 employees currently sponsor a retirement plan.

Now, both employers and plan sponsors will need to make some technological adjustments in order to expand automatic enrollment, speed up deployments and ensure compliance.

The younger generation is setting some lofty retirement goals, but the good news is they're looking for help from advisors, who can provide both a long-term strategy and a short-term tactical game plan.

The sweeping new retirement savings legislation will likely become law any day now, however, it's not a catch-all solution and employers still need to make some adjustments to further differentiate themselves.