Data & Research January 2, 2024

Infographics: Workers Prefer Financial Benefits to Lifestyle Perks

A survey by Morgan Stanley shows heartening results for plan advisers and sponsors.

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Retirement plan advisers and their plan sponsor clients often work hard to create great benefit plans for employees. But is that work truly appreciated? 

According to findings from Morgan Stanley’s most recent Investor Pulse Survey, the answer is often “yes.”  

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In a survey of over 900 people, Morgan Stanley found that most employees will pick a financial workplace benefit over a lifestyle perk such as first-class seats for a business trip or box seats to a game or show.  

The tradeoffs are far from scientific, with the asset manager comparing, for example, having a large office to having a large 401(k) balance. But the findings, 92% for the 401(k) balance compared to 8% for the office, are useful for benefit providers to consider, says Anthony Bunnell, head of retirement and deferred compensation solutions, Morgan Stanley at Work.  

“It is clear that employees define success in the workplace by sound finances rather than by creature comforts,” Bunnell says. “ 

Bunnell says Morgan Stanley sees the findings as a key insight for “employers to take to heart amid an uncertain economic environment and a tight labor market.” 

“Making employees feel valued stems from offering a spectrum of financial benefits, from retirement planning and equity compensation, to deferred compensation and estate planning—and this is where human resource leaders should channel their focus,” he says. 

The findings included: 

Large Office vs. Large Balance in Your 401(k)

  • A large office
  • A large balance in your 401(k)
Source: Morgan Stanley Wealth Management Q4 Investor Pulse Survey

Access to Box Seats vs. Access to an Estate Planner

  • Access to box seats
  • Access to an estate planner
Source: Morgan Stanley Wealth Management Q4 Investor Pulse Survey

Paid Sabbatical vs. Company Stock as Bonus

  • Earning a paid sabbatical
  • Earning company stock as a bonus
Source: Morgan Stanley Wealth Management Q4 Investor Pulse Survey

First Class vs. Deferred Compensation

  • Using first class for business trips
  • Using a deferred compensation plans
Source: Morgan Stanley Wealth Management Q4 Investor Pulse Survey
Deals & People January 2, 2024

Advisory M&A News – 1/2/24

Franklin Templeton completes Putnam acquisition; Wealth Enhancement Group adds RIA Foundational Wealth Advisory.

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Franklin Templeton Completes Acquisition of Putnam Investments

Global asset manager Franklin Templeton, announced the completion on January 1 of its acquisition of Putnam Investments from Great-West Lifeco Inc. Per the terms of the transaction, Great-West becomes a long-term shareholder in Franklin Resources Inc.

The acquisition was previously announced in May of 2023, when Franklin Templeton entered an agreement to purchase Putnam for $925 million. The deal adds to Franklin Templeton’s retirement and insurance businesses, including an increase of about $90 billion to its defined contribution assets under management, according to the firm. “With complementary capabilities and a track record of strong investment performance, Putnam expands our ability to offer more choice to more clients,” Jenny Johnson, president and CEO of Franklin Templeton, said in a statement.

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Great-West, which is the parent company of recordkeeper and wealth manager Empower, took a 6.2% stake in Franklin with deal, according to the May announcement.

“The addition of Putnam accelerates our growth in the retirement sector by increasing our defined contribution AUM and expands our insurance assets, further strengthening our presence in these key market segments to better serve all our clients,” said Johnson. “We’re delighted to welcome the talented team at Putnam to Franklin Templeton and are pleased to have Great-West as an investor.”

Wealth Enhancement Group Adds Foundational Wealth Advisory

Wealth Enhancement Group, a national independent wealth management firm with over $72.2 billion in client assets, announced the acquisition of Foundational Wealth Advisory LLC, a hybrid registered investment advisory in Macon, Georgia, led by Eric Wilson, managing director of Foundational Wealth Advisory.

“We are excited to welcome the excellent team of financial professionals at Foundational Wealth Advisory to Wealth Enhancement Group,” Jeff Dekko, CEO of Wealth Enhancement Group, said in a statement. “Eric and his team understand the significance of taking a collaborative approach to financial planning, and their extensive knowledge and experience will help us grow together.”

Since 2017, Foundational Wealth Advisory has wealth management services including asset, liability, philanthropic, and estate planning for the varied needs of multi-generation families.

Wilson of Foundational Wealth Advisory said in a statement: “In choosing to join Wealth Enhancement Group, our clients were at the center of our decision-making process. Wealth Enhancement Group’s expanded offerings and dedicated resources will enable us to serve our clients’ needs better, and we look forward to the partnership.”

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