In Practice May 15, 2017

Advisers Seeking Improved Practice Management Support

The most popular practice management programs this past year dealt with Social Security and managing portfolios in light of uncertainty in the markets.
Reported by

More than half (67%) of advisers rely heavily or somewhat on value add and practice management support provided by product manufacturers and distributors, according a new analysis by Research and Markets.

Most find room for improvement and seek more capabilities that can be used directly with investors and which are implementation focused rather than purely educational. More than three in four advisors (76%) perceive value add and practice management programs as having a positive impact on their practice. The most widely used value add and practice management programs in the past year focus on Social Security and managing portfolios in an uncertain environment.

Want the latest retirement plan adviser news and insights? Sign up for PLANADVISER newsletters.

Looking ahead, advisers express continued need for support overcoming various challenges including developing new sources of referrals and clients, retirement and income planning, improving efficiency in their operations, and navigating compliance and regulatory issues—especially the proposed Department of Labor (DOL) rules.

The report is based on input from more than 625 financial advisers gathered through an online survey conducted in January 2017. Those surveyed include full service brokers, independent brokers, financial planners, and registered investment advisers (RIAs).

For more information, visit ResearchandMarkets.com. 

Data & Research May 15, 2017

Eighty Percent of People Seek Advice When Doing a Rollover

Of this group, 58% obtain professional financial advice.
Reported by

Eighty percent of defined contribution (DC) participants speak with someone before rolling assets from their 401(k) plan to an individual retirement account (IRA), the LIMRA Secure Retirement Institute found in a survey.

“It is clear that the decision to move their assets is an important decision and, as such, most people look to another person for guidance or validation of their decision,” says Matthew Drinkwater, assistant vice president at the Institute. Fifty-eight percent of these people rely on a professional adviser when making this decision, Drinkwater notes.

The main reasons why people do the rollovers are: to gain more control over their assets, to seek out investment options that could generate higher returns, and to consolidate assets.

Whether or not a participant keeps their assets in the plan or rolls it over to an IRA depends on the strength of their relationship with the plan provider, according to the Institute. However, only 11% of participants say they have a strong relationship with the plan’s provider.

Want the latest retirement plan adviser news and insights? Sign up for PLANADVISER newsletters.

«