Balances in retirement accounts, including 401(k) accounts and IRAs, grew by double digits during the second quarter as the stock market rebounded and investors continued to contribute to their accounts, according to a Fidelity report.
Eighty-eight percent of 401(k) participants contributed to their accounts in the second quarter, off just slightly from the record high of 89% in the first quarter, according to the report.
A Fidelity executive noted that most employers were sticking with matching contributions and said that encourages participation by employees.
“Nearly 90% of employers continued to offer matching contributions to their employees over the last quarter, despite the unsteady business landscape,” Kevin Barry, president of workplace investing at Fidelity, said in a statement.
The report also cited a 20% rise in contributions to IRAs in the second quarter compared to the same period last year and linked that to this year’s extended tax season.
The average 401(k) account held $104,400 at the end of the second quarter, up 14% from the first quarter, but down 2% from a year earlier. The average IRA held $111,500, up 13% from the first quarter and slightly higher than the year-ago average of $110,400.
The Fidelity report reflects data on more than 30 million 401(k) and 403(b) accounts and IRAs.
The "Crypto Mom" departure would leave the SEC commission with just two members and no Democratic commissioners on the panel.
IFP Securities’ owner, Bill Hamm, has a long-term plan for the firm and its 279 financial advisors.
Meanwhile, a Osaic and Envestnet ink a new adaptive wealthtech partnership to better support the firm's 10,000-plus advisors, and RIA-focused VastAdvisor unveils native integrations with leading CRMs.
A former Alabama investment advisor and ex-Kestra rep has been permanently barred and penalized after clients he promised to protect got caught in a $2.6 million fraud.
As more active strategies get packaged into the ETF wrapper, advisors and investors have to look beyond expense ratios as the benchmark for value.
Wellington explores how multi strategy hedge funds may enhance diversification
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
