Access to a financial advisor for retirement planning guidance is of such importance to American workers, it can inform their decisions of where to work.
That’s according to seven in ten HR professionals who participated in the latest Morgan Stanley at Work research which reveals that 54% of employees agree that being able to get professional financial advice can be a dealbreaker (60% among those who participate in their company benefits.)
With demand for retirement planning advice growing, advisor access is cited as the most valued type of assistance, with goals-based retirement investment planning and retirement income solutions completing the top three.
Economic concerns are intensifying retirement planning advice with employees fearing inflation and recession, which is prompting more employees to cut back on their 401(k) contributions. Gen Zs are most likely to be doing this, but across all generations 67% said they are reducing contributions to all savings accounts.
“In the face of economic uncertainty, it is clear that comprehensive retirement benefits are essential for individual financial security, while also serving as a critical lever to retain top talent,” said Jeremy France, Head of Institutional Consulting Solutions at Morgan Stanley. “Our findings emphasize that modern workplace retirement plans go beyond simply offering a 401(k) and match; they now integrate ongoing financial advisory, investment planning and income solutions. This next generation of workplace retirement plans—especially those which include ongoing planning and consultancy support—are a strategic asset that can help companies foster employee loyalty and business stability in any environment.”
Previously released research from Morgan Stanley at Work reveals that concerns about money are negatively impacting both work and life for most employees; 66% said so, up four percentage points compared to 2024.
Meanwhile, a study from Nuveen and the TIAA Institute found that 401(k) savers say retirement income security should be a shared responsibility with employers and that fixed annuity options are of growing interest among employees.
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
