Take a New Look at a Managed Way to Boost Retirement Readiness

August 21, 2020
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With uncertainty from the pandemic and market volatility, your clients may be finding it even harder to help employees save for retirement.

This may be a good time to revisit the advantages of a managed account service. It’s one more way you can provide support to your clients and their employees — without adding to your workload.

Even before the pandemic, only 39% of HR managers said they have the time and resources to understand whether a retirement plan is meeting the needs of employees. With the right managed account partner, you can offer a retirement readiness solution that helps your client but doesn’t compete with your value proposition.

Get Answers

Keep in mind that managed account services vary. Here are important questions to ask a potential provider:

“Do you offer a retirement readiness service at little or no extra cost to clients or employees?”

“How does your managed service recognize individual situations, goals and outside savings, like spousal assets or IRAs?”

“Does your managed service give employees access to a team of licensed professionals?”

“Do you send regular progress updates, like a gap analysis, to participants?”

“Do you send regular progress updates, like quarterly reports, to participants?”

“Does your retirement readiness solution have a track record for building enrollment?”

“Does your service include features that can help overcome inertia, like auto escalation?”

Talk to your clients about how a managed account service can make a difference to the health of their retirement plan.