Benchmarking the Retirement Plan Advisor Experience
Pulse Logic working with LIMRA interviewed over 30 Retirement Plan Advisors to better understand their experience working with recordkeepers. From these conversations, we identified the drivers of the experience and the dimensions underlying each driver.
Following these interviews, we surveyed 100 leading Retirement Plan Advisors to make sure we had it right and to start the process of building a benchmark. The survey asks each advisor to identify their top three recordkeepers based on assets placed. We then establish NPS scores for each. Following NPS, we ask each advisor to rate each recordkeeper on the overall drivers and each underlying dimension.
Our findings are revealing. To download our this summary, click the following link:
Motivating the Plan Participant to Save Well
We all know participants need to save, but do you necessarily know the myriad of reasons why they don’t?
How would our industry (and society) benefit if we could change this behavior and ultimately influence better retirement outcomes?
LIMRA and PulseLogic fielded an online consumer study in February 2020 that surveyed 2,200 retirement plan participants. This study examined the crucial elements that led to successful or failed participant outcomes. By looking beyond savings and retirement planning behavior, we seek to understand what other priorities competed for these retirement dollars. We also examine participants’ debt and credit card usage, as well as other factors that may further exacerbate retirement savings leakage. Add to that COVID-19, and we fully anticipate a dramatic uptick in leakage through plan distributions, hardship withdrawals and loans.
Despite these significant headwinds, we offer strategies and tactics that record keepers, plan sponsors, and advisors might use to do their part in improving retirement plan outcomes.
This study is currently available for $15,000
Health Savings Accounts: Optics into Consumer and Financial Advisor Attitudes, Perceptions, Preferences, and Behaviors
Since their introduction in 2004, HSAs have experienced significant growth and, it is projected, will continue on this trajectory over the next few years. HDHP growth and compelling tax advantages are fueling this expansion. Once thought of as checking accounts to cover health care expenses, a changing perspective as a savings vehicle has emerged. In this study, we learn that 65% of consumers report their employer offers a HDHP and advisors strongly feel the benefits of HDHPs accompanied with HSAs far out weight traditional plans.
In this study, LIMRA and Pulse Logic reveal important outcomes that will help companies develop strategies to grow in this expanding marketplace.
We surveyed 469 consumers and 339 financial advisors. In addition we interviewed 30 leading financial advisors.
Some key findings include:
The HSA market is underserved and significant opportunity exists. But, the market is being restrained by lack of product.
Advisors consider HSAs to be a component of the two services they report generate the most revenue.
Two distinct, yet underserved markets exist for HSAs.
Consumers contributing to employer sponsored retirement plans report their annual savings increased when they added a HSA.
This report was completed December 2019 and is currently available for $15,000