Many plan sponsors believe personalized advice and guidance will improve retirement outcomes and see managed accounts as the next step in the evolution of “one portfolio for all perspectives,” according to PGIM’s Defined Contribution survey.
For these young employees that feel overwhelmed by finances or don’t know where to start, employers should consider working with a benefits provider to offer them the option to connect with a financial advisor or coach for personalized financial guidance.
The intersection of rising costs, the hybrid workplace, and heightened employee expectations is reshaping the way employers think about health care benefits; but this presents an opportunity for brokers to get creative with what they offer their clients.