Advisors will have access to a new product that can be offered to small business owner clients to help engage their workforce on retirement planning.
Capital Group is expanding the solutions it provides for advisors to include its ICanRetire program which can be offered to business owners alongside its 401(k) plan solutions, PlanPremier and RecordkeeperDirect. It says that the program can complement either offering to help improve participant outcomes and boost contributions without additional cost to the financial advisor or the small business owner.
Dana McCollum, president of Retirement Plan Services at Capital Group, says that retirement planning is a huge market opportunity and the firm is keen to partner with advisors to help realize it in their market.
"Simplifying the process is key — both advisors and participants want an easy button,” McCollum said. “By seamlessly integrating ICanRetire with Capital Group's small business retirement plan solutions, advisors gain a powerful tool to attract new business and help accelerate plan growth through increased participation and deferral rates. They're also helping the individual small business employee who may not have previously had access to a retirement plan, or who may not have been contributing enough."
The program is already available to employers that have American Funds Target Date Retirement Series in their investment lineup (in 401(k) or 403(b) plans) and the ICanRetire web experience is available to Capital Group's PlanPremier and RecordkeeperDirect clients.
The firm’s participant outcomes data from 2023 found that employees who engage with ICanRetire were 3.4 times as likely to enroll in their company-sponsored retirement plan and 1.5 times as likely to increase their deferral rate.
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