The industry has it all wrong.
St. Louis, MO (PRWEB) October 31, 2013
Financial wellness firm, Four Seasons Financial Education (FSFE), finds greater demand for financial advice in the retirement plan industry. Many employers and retirement plan vendors today focus on passive retirement education for participants, but FSFE President, Travis Freeman, sees a growing demand for custom education and advice. Participants surveyed want more detailed advice on how to save in their 401(k) plan, yet 65% said they don’t take the time to read the investment information they receive. About 52% would rather have an expert help them with their account.
According to a survey* by J.P. Morgan Asset Management, nearly two-thirds of would like to delegate retirement planning and investing entirely to a financial professional. Most of the retirement plan industry focuses on literature and group seminars to help participants save for their retirement goals. However, most participants want customized advice and education.
"The industry has it all wrong," says Freeman. "You can't expect a student to learn algebra from a few brochures and a one-hour class, but this is how the industry looks at retirement planning. Proper education should also include customized advice."
FSFE is using new retirement plan research to continue focusing on education and advice for employers. The retirement plan industry has been their largest driver of new corporate clientele.
About Four Seasons Financial Education
Four Seasons Financial Education provides workplace financial wellness and education services to companies throughout the US to help them improve their bottom line. We take a strictly academic approach to financial education and focus on the core areas of personal finance which may help increase employee productivity and organizational performance. Securities and advisory services offered through LPL Financial, a Registered Investment Advisor. Member FINRA/SIPC.
*Click here for more information on this survey.