401(k) Specialist Issue 1 - 2019 - 7
401(k) NEWS YOU CAN USE
The Tangible Benefits of a Client-Centric
401(k) Experience
PROVIDING A PLEASURABLE client experience is a competitive differentiator?
Really?
Boston-based Cerulli Associates finds that " intangible upsides " of
providing exceptional client experiences also mean better results for the
advisor's practice, primarily in a higher median client size, lower attrition
rates, and the ability to move upmarket.
" Practices that focus on the client experience have a 93 percent higher
median client size compared to the industry average of $500,000. In addition,
client experience-centric practices have lower involuntary attrition. "
On average, they add:
* 34 percent of advisors' asset outflows are a result of clients passing
away, moving to another financial advisor, or transferring assets to a
direct/online provider.
* Among experience-centric firms, however, this type of involuntary
attrition accounts for 24 percent of asset outflows.
In response, practices are migrating away from measuring their
value based on their investment expertise, which can more easily
be commoditized.
Instead, they are beginning to think more holistically about the
" nonfinancial " impact they can have on their clients by " adopting a
combination of technology-driven client segmentation, intergenerational
engagement within a team-based model, client appreciation, and [a]
holistic perspective to deliver an enhanced client experience. "
How Trust in Financial Institutions Affects
401(k) Participation
EVEN WELLS FARGO?
" Most workers at small to mid-size businesses trust information
from their banks and credit unions, but those who do
not may be less likely to participate in a retirement savings
plan if offered one, " according to a report from The Pew Charitable
Trusts.
The organization surveyed 927 workers that do not have
access to a retirement plan and asked them how trustworthy
they find information from their " primary financial institution, "
their " HR representative, " or " financial institutions in general. "
" The results suggest an association between distrust in financial
institutions and the likelihood that workers will choose
to stay in a retirement savings plan if enrolled automatically, "
the authors write. " That includes whether they would take part
in a state-sponsored individual retirement account
with automatic enrollment, known as an auto IRA, or
one sponsored by their employer. "
ISSUE 1 2019 | 401kSpecialist.com
ONLINE
EXTRA
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401(k) Specialist Issue 1 - 2019
Table of Contents for the Digital Edition of 401(k) Specialist Issue 1 - 2019
Table of Contents
401(k) Specialist Issue 1 - 2019 - Cover1
401(k) Specialist Issue 1 - 2019 - Table of Contents
401(k) Specialist Issue 1 - 2019 - 1
401(k) Specialist Issue 1 - 2019 - 2
401(k) Specialist Issue 1 - 2019 - 3
401(k) Specialist Issue 1 - 2019 - 4
401(k) Specialist Issue 1 - 2019 - 5
401(k) Specialist Issue 1 - 2019 - 6
401(k) Specialist Issue 1 - 2019 - 7
401(k) Specialist Issue 1 - 2019 - 8
401(k) Specialist Issue 1 - 2019 - 9
401(k) Specialist Issue 1 - 2019 - 10
401(k) Specialist Issue 1 - 2019 - 11
401(k) Specialist Issue 1 - 2019 - 12
401(k) Specialist Issue 1 - 2019 - 13
401(k) Specialist Issue 1 - 2019 - 14
401(k) Specialist Issue 1 - 2019 - 15
401(k) Specialist Issue 1 - 2019 - 16
401(k) Specialist Issue 1 - 2019 - 17
401(k) Specialist Issue 1 - 2019 - 18
401(k) Specialist Issue 1 - 2019 - 19
401(k) Specialist Issue 1 - 2019 - 20
401(k) Specialist Issue 1 - 2019 - 21
401(k) Specialist Issue 1 - 2019 - 22
401(k) Specialist Issue 1 - 2019 - 23
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401(k) Specialist Issue 1 - 2019 - 27
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401(k) Specialist Issue 1 - 2019 - 29
401(k) Specialist Issue 1 - 2019 - 30
401(k) Specialist Issue 1 - 2019 - 31
401(k) Specialist Issue 1 - 2019 - 32
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401(k) Specialist Issue 1 - 2019 - 34
401(k) Specialist Issue 1 - 2019 - 35
401(k) Specialist Issue 1 - 2019 - 36
401(k) Specialist Issue 1 - 2019 - 37
401(k) Specialist Issue 1 - 2019 - 38
401(k) Specialist Issue 1 - 2019 - 39
401(k) Specialist Issue 1 - 2019 - 40
401(k) Specialist Issue 1 - 2019 - 41
401(k) Specialist Issue 1 - 2019 - 42
401(k) Specialist Issue 1 - 2019 - 43
401(k) Specialist Issue 1 - 2019 - 44
401(k) Specialist Issue 1 - 2019 - Cover3
401(k) Specialist Issue 1 - 2019 - Cover4
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