Data & Research August 20, 2010

Retirement Plan Participants Want More Help

A new study finds that 60% of retirement plan participants want more personalized and effective communications, especially using current technologies such as Web sites, proactive e-mails, mobile, or on-demand videos.

Reported by

According to the 2nd annual DC Participant Experience Study Mathew Greenwald & Associates and KK & Company, participants want help and providers’ and sponsors’ efforts will work best if they make it as easy as possible for participants. More than half said they have used a calculator or worksheet at least once, but 44% want to spend less than half an hour on any calculation or plan.  

“Similar to last year’s findings, less than half of the participants are satisfied with the support they receive from their plan sponsor regarding their retirement plan,” said Kendall Kay, President, KK & Company, in a press release.  

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The survey also found almost 80% of participants are interested in proactive analysis and messaging that recommends how they could improve their retirement plan savings; over a third are interested in an investment option that would produce monthly income for life; and the majority of employee’s want specific retirement planning assistance.  

Information was gathered through a 17-minute interview with a total of over 1,002 participants in July 2010, and 1,049 participants in August 2009.  

For more information, go to http://www.greenwaldresearch.com.
Products August 20, 2010

UBS Revives Adviser Training Program

UBS AG’s U.S. wealth management arm is hosting its first broker training class in two years, another sign that firms are seeking new ways to expand their recruiting efforts.  
Reported by

The Swiss bank’s trainees, numbering roughly 150 to serve in its fifteen largest markets, will spend four months at the brokerage’s headquarters before moving to branch offices where they will be paired up with veteran advisers.  

According to a Reuters story, a steep decline in movement follows last year’s recruiting wars, likely the result of big brokers signing retention or recruitment packages. Brokerage firms have had to cast a wider net in their search for new talent. In an effort to help new employees acclimate to their positions, Wall Street has also reinstated introductory and instructive programs. The story claims USB has brought in institutional brokers, bankers, and other financial services professionals, including those with sales and business development backgrounds.  

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These efforts represent a significant risk and cost for the company; many recruits will leave, and those who do stay will not boost their firm’s client assets overnight, with only a few ever becoming highly productive brokers, the story said.

 More information on UBS is available here.  

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