Through the first three quarters of 2021, only 1.2% of defined-contribution plan participants stopped contributing to their plans, according to data from recordkeepers collected by the Investment Company Institute.
That minor fall-off compares with the 2.2% of participants who stopped contributing to plans in the first three quarters of 2020, and the 5.0% who stopped contributing in the similar period of 2009, another time of financial market stress.
The ICI figures are based on DC plan record-keeper data covering more than 30 million participant accounts in employer-based DC plans at the end of September 2021. DC plan withdrawals in the first three quarters of 2021 remained low, but slightly higher than activity observed in recent years, ICI said.
Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.
Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.
It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.
Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.
Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
