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Hobart Financial Group, A Leading RIA Firm, Affirms Companies Are Including Retirement Advice in 401(k) Plans
  • USA - English


News provided by

Hobart Financial Group

Dec 24, 2013, 03:00 ET

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Charlotte, NC (PRWEB) December 24, 2013 -- Chris Hobart, CEO of Hobart Financial Group, a leading RIA firm, comments on an article published by CBS News, which details how many employers are offering retirement planning advice in their 401(k) plans.

According to the article on CBS News titled “More 401(k) plans add retirement planning advice,” a new survey from Mercer, a human resources consulting firm, found that nearly 80 percent of retirement plan holders report that their plans offer retirement advice, an 8 percent increase from the previous year. However, the article reveals that only one-fifth seek the advice. Those that refused the advice through their plans actually felt they were more confident going into retirement.

Though more plans are including retirement advice, the article says some advice might not actually help potential retirees. The article says workers might be better off consulting an RIA, rather than paying for the advice right through their plan. “In most cases, there’s an annual charge that typically ranges from 0.2 percent to 0.6 percent of the value of your retirement savings,” the article says. It all depends on the worker’s predicament and how far they are from retirement. Workers who still have 10-20 years before retirement are most concerned with finalizing contribution amounts and securing investments. While most retirement plans offer advice on these issues, it could be better for workers to seek advice elsewhere.

Chris Hobart, CEO of Hobart Financial Group, a leading RIA firm, says retirement advisors are able to dissect employer provided plans and develop custom strategies to help potential retirees generate the most income possible. “Typically, retirement advice offered by 401(k) plans comes at a price,” he says. “While this may seem like a cheaper option than paying for a retirement advisor, only advisors can give you highly specific advice customized to your life situation.”

Hobart says most people should not rely on a 401(k) to solely provide money for retirement. “In many cases, people have savings and investments outside their employer provided retirement plan,” he says. “Only financial retirement advisors can really help decipher the best way to use and appropriate these funds in a complex situation.”

Hobart Financial Group is an independent financial advisory firm dedicated to personalizing service with uncompromising integrity. Its focus on comprehensive, tax-advantaged plans help to provide sound preservation of capital, growing income and increased returns with reduced risk. Chris Hobart, founder of Hobart Financial Group, understands that true wealth means being able to share your life with the people you love, free from financial anxiety. Hobart Financial helps Carolinas’ retirees preserve and protect their wealth with comprehensive financial retirement planning and wealth management.

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Crystal Starks, Hobart Financial Group, http://hobartfinancialgroup.com/, +1 704.553.0123, [email protected]

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