Advisor Technology

Of those plan sponsors who reported full employee participation, 80% had a plan financial advisor, according to a Morgan Stanley, who just enhanced its design.

Most of an advisor's time is consumed by preparing reports, inputting data and attending meetings, but the right tools can recommend next steps, best-fit products, or actions towards fulfilling customer expectations.

Employers should provide targeted communications to women, as well as access to independent financial counselors, decision support tools, and debt management services to help bridge the gap, says a new report.

In-plan retirement income solutions are now on the priority list with at least eight new products, such as target payout funds and in-plan annuities, having been launched by major asset managers and insurers since 2020.

Many are seeking professional advice/guidance for generating retirement income, understanding how long their savings will last and whether their savings are on track or need to be adjusted, says report.

The pending legislation, which is expected to become law by the end of 2022, is poised to revolutionize workplace retirement savings. Here's how to plan for a successful rollout.