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Employers face many challenges when it comes to benefit plans. The first hurdle is raising employee awareness of their benefits. The second is encouraging employees to opt into retirement plan contributions. The next big question is how to get them interested in managing their retirement investments – or at least giving them some attention.
If the firm has a defined contribution plan, employees are at the door and opportunity is knocking. 68% of private sector employees have access to a plan yet only 51% take advantage. One of the major reasons is they perceive their after-tax take-home pay shrinks because of all the deductions like taxes, Social Security and health insurance. Contributing to a company retirement plan seems to shrink it further, so they opt out. The strategy employers and the benefit plan professionals supporting them often deploy is raising their awareness of how the company is providing a match, so opting out is leaving money on the table.
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Bryce Sanders
Bryce Sanders, president of Perceptive Business Solutions Inc., has provided training for the financial services industry on high-net-worth client acquisition since 2001. He trains financial professionals on how to identify prospects within the wealthiest 2%-5% of their market, where to meet and socialize with them, how to talk with wealthy people and develop personal relationships, and how to transform wealthy friends into clients. Bryce spent 14 years with a major financial services firm as a successful financial advisor, two years as a district sales manager and four years as a home office manager. He developed personal relationships within the HNW community through his past involvement as a Trustee of the James A. Michener Art Museum, Board of Associates for the Bucks County Chapter of the Fox Chase Cancer Center, Board of Trustees for Stevens Institute of Technology and as a church lector. Bryce has been published in American City Business Journals, Barrons, InsuranceNewsNet, BenefitsPro, The Register, MDRT Round the Table, MDRT Blog, accountingweb.com, Advisorpedia and Horsesmouth.com. In Canada, his articles have appeared in Wealth Professional. He is the author of the book “Captivating the Wealthy Investor.”
